I teach students study skill and time management at my Uni, and this is one of the most important things for a lot of them to learn, especially for students in the dorms. A single room where you eat, sleep, hang out, and study is a bad place to be productive. If you need to get work done, it's going to be easy to get distracted because everything around you will have some association with Smash Bros or anything else you do in your spare time in that room. I tell them to find places that they only associate with work (the library is very common).
I'd love to have a space like that that is close to my home, but has some physical separation from the home. Not to mention how it would be a fun and rewarding project.
These are cool, but a bit pricey for me, and I'd want to challenge of building it, but I can see this being neat for other people.