Well the estimated lifetime really isn't that extrordinary; it's pretty typical of (pressed) optical media. However, the storage density--coupled with that lifetime--does make it a very attractive option. I certainly would like to use that for backing up my computer's files. DVDs are just too small.
Back in the late 90s there was this "Fluorescent Media Disc" (FMD) that used fluorescent instead of reflective mediums for storing media. It meant the discs could be essentially clear, and would allow for possibly hundreds of layers for up to 1TB of space using shorter wavelength lasers. Unfortunately, the company who was developing it (Constellation 3D) wanted to have something to show for COMDEX 2000 and faked the demonstration by using a hard drive, and they lost funding. Maybe it'll be developed again.