The page doesn't seem very professionally written, and with phrases like "I assure you, this works" rather than just demonstrating that it works with demos, it smells a bit fishy. Hallmarks of scam/self-promotion/I've-invented-a-perpetual-motion-machine.
There might be a genuinely interesting algorithm behind this but it doesn't even appear to support lighting yet, so it looks a long, long way off replacing traditional engines. Also, I'm sure nVidia and ATI have been researching ideas like this like hell for years and probably figured out while cool, it can't replace everything existing technology does.