It will be very interesting when they deal with high-end products throughout the industry such as PointSec and RSA.
This "discovery" isn't really new, what is new is that the concepts apply to current security systems for the mainstream user. These encryption bypass methods are alive and well in Intelligence communities and have been for many years. This news is of high concern for mainstream users and small companies mostly. People should note that the algorithms for retrieving the data was not disclosed. These are a bunch of students simply working to better their internal IT Policy and report their findings to the technology community to better assist their Policies.
In my opinion these discoveries are great news because it gives us two clear realities:
1) The initiative to prevent against these attacks and encourage more secure models to protect data integrity
2) The initiative of better education surrounding encryption methods