SRP is enforced in user mode, and it can be circumvented by hooking user mode API calls. Back in 2005 Mark Russinovich blogged about bypassing SRP: https://web.archive.org/web/20061219234012/http://blogs.tech...
AppLocker does the enforcement in kernel-mode, so it can't be bypassed with DLL injection. (The kernel side could be patched by a user with local Administrator rights, but that runs afoul of Kernel Patch Protection and raises the bar significantly for an attacker. Users should be using unprivileged accounts for day-to-day work anyway... >grumble<)
SRP in whitelist mode is more difficult to bypass, but it's still possible to patch it out by using WriteProcessMemory: https://blog.didierstevens.com/2008/06/25/bpmtk-bypassing-sr...
I'm not suggesting that this tool isn't useful, but it's not the same thing as AppLocker or Windows Defender Application Control. If SRP ends up being used significantly as a defense attackers will just incorporate bypassing it into their payloads / strategies (start out w/ getting the user to run a Word macro that patches Word's copy of ADVAPI32.DLL, etc).