Let me put it in simple terms and hope someone reads this before getting in more fights, especially all those determined to pick a fight for no good reason :-
1. For someone playing HAPPILY on CFW this is of no use. Note I wont include PSN here since I dont like CFW on PSN - but thats just me, but they have homebrew as well.
2. The only people who will benefit is ones that prefer to stay on OFW and still want to run backups, at the expense of homebrew. A pro here is that you're less likely to be banned, but beware, they might be able to detect the device if they do their job properly in future.
3. The only time this will become a real viable product is when they figure out how to get the key without the need of CFW during installation. In this case all those lads whos dog stepped on the controller and updated their system will have a way to play backups, or the ones with the newer consoles.