There is nothing new about the idea, I've seen this in numerous sci-fi movies, most notable one being Avatar.
Agreed. This is not new at all. It is very easy to just think of a design. The problem lies in the actual implementation. That video is just copying from all the sci-fi movies out there.
I agree the idea is not new, but I think it still has merit. If these guys move forward with it, and do a good execution, you have a killer app.