Heven't played with it yet, but it is targeting the free-wheeling or "catch" diode application in switchmode power supplies---as Jakob says, for low voltage high current apps. Kind of cool as it replaces other parts, although there are many controller chips for such power supplies that have the drive pin for the equivalent MOSFET already. So it's not likely cheaper but might save some space in those applications.
As a general concept, if extended to higher voltages and more moderate currents it might find application in other equipment. If merely rectifying mains frequency stuff I can think of some other properties that would be desirable.