If by "all but eliminating" they mean "reducing by 31%".
There's a hard limit to how low latency can go. We've been close to it for years. So a hop takes 100 ms instead of 150 ms? They're still in the same ballpark. To have a revolutionary impact, it would have to drop the latency an order of magnitude, which, as far as we understand our universe, is impossible.
I guess the real application is over short distances. I'd love to hear the ideal usecase that benefits from this improvement.