It seems to have great potential. I know they have been used on motorcycles for years. I don't know much about motor bikes, but it seems that there is little "lateral" movement on the part of a motorcycle belt. The bike chain is part of the transmission system on a bike and the chain has to move side to side in order to change gears. I wonder how reliable the belt will do in shifting. I can imagine shift failure due to lateral belt flex, which you don't find with a metal chain.
It would work well if the deraileur system is replaced by some sort of internal transmission system system. Unfortunately, internal systems tend to be heavier and bulkier, hence not suitable for performance bikes. But, we never know what the bike industry will be able to produce.