Interesting and promising. Still not as fast as true phase AF, I expect.
Still...I was considering the EOS M, but maybe I'll wait for the EOS M MkII with this technology...
For video, I would not want instantaneous autofocus, since that would provide no transition period. I would, however, want the autofocus to be smooth, with no hunting whatsoever, basically a superb electronic implementation of a highly-skilled focus puller (i.e., first assistant cameraman). (High slew rates provide faster response but are more prone to hunting.)
As for the M MkII, I agree completely, something to replace my G10 but with superb ISO6400 image quality and a decent EVF.