I noticed they put that out there every chance they got. It sounds delightful, and could be a very good way of doing things in the future. I also think there could be enourmously different gameplay experiences each play through, given that it downloads user content (random), and you can create totally unique and difference characters each time. I'm hooked....how much longer again?
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Procedural graphics production is a BIG deal. Dynamic, on-the-fly rendering of objects based on their intrinsic attibutes (leg shapes that are faster, talons that allow digging, etc) provides a BIG BOOST to developers (at the expense of roomfuls of artists).
This will have a psotive impact on game development, all that remains to be seen is how large.