This is great news indeed.
If they can agree on a standard, all of the industry, this would be a important move to enable 4k (and on to 8k) movies in the future. But at present 4k is what we want. And another bonus would be to store multiple bluray, dvd movies all on one disc, instead of all the discs we have today.
So optical media is not dead, but for burning, I do not know. That might not be something for this new format. Currently according to information DVD-R is by far the best selling optical product. Bluray is far behind, but not when it comes to buying cheap movies and other stuff in the supermarket. There you can get cheap blurays. But burning your own discs, talk about lost data if a disc fails.
Besides mot people will stick to CD-R, DVD-R and some bluray for burning, why ?
Simple they do not need that extra space, and if you think about it, there is not that much really important data you need to (or want) to save anyway. Most value storage stability and other issues that they care about as the data that you save is important.
But this technology could just stay away from consumers, broadband with VOD, streaming, downloading and that stuff it probably how people will access content in the future. Renting movies is a minority market, and will probably die out in the future.
Only time will tell.