The concept is pretty cool, as IGPs are really inefficient when you look into them deeply. I think it will be more applicable to new applications like wireless mesh (as mentioned above).

I don't think it will extend the life of old routers:
1) Vendor(s) have to adopt the algorithm
2) Customers have to care enough to go around updating their old routers

The commercial world follows "if it ain't broken, don't fix it" mostly, in my experience. Only a forward looking organization would be interested, and they would be the least likely to have really old routers.