Commercial viability of the architecture depends on how X86-64 and ARM fares in the coming years. If they stagnate and can't produce faster single-CPU cores and people continue writing software which lives in a single-core world, then there is a room for a CPU delivering a 10-fold increase in performance per watt per dollar.
If on the other hand, most of the heavy computation are moved into either SIMD-style GPUs, or MIMD style Adapteva (Parallela) like solutions, where you have a thousand cores, then the Mill is less likely to have success.
I'm optimistic that someone are trying to rethink how to handle CPU design from the bottom up. It is a gamble, but if we don't try, we won't really learn if there is anything better out there than the current generation of out-of-order executing chips.
I'm pessimistic because Mill smells of Itanium. It is a mix of many new, unproven, ideas inside a single solution. Some of the ideas are genuinely good and might stick if thrown at a wall. But if you are gambling on having many new ideas at the same time, it is likely that some of them will turn out to be bad ideas.
I'd place the majority of my money on simple ISA designs, such as ARM or RISC-V, preferably in a many-core design, but I'd hedge a good sum on Mill as well.