This is not a new idea. Saw a functional demo more than eight years back. Checkout: http://www.talking-lights.com/
LEDs can go to much higher speeds - but even still, this isn't new. Researchers in Japan and Boston University have been producing demos for years:
http://www.bu.edu/smartlighting/research/smart-light-prototy...
In this case, and indeed the whole point of the talk, is they're transmitting HD video.