It is still far from practical operation. It's just nice to see what they've achieved so far.
It is pretty cool how they were able to map out the brain waves (and show some of its use in the Source Engine). Now I'm thinking about the prospect of 'psychological-thiller' games! Imagine a game that works with your emotional reactions; it knows when you're scared, excited, bored, frustrated, etc. The options seem promising. Sure it's far ahead, but imagine a game like Mass Effect with that added on. It could radically enhance the RPG experience.