It's a pretty cool idea, but the jury is still out if this can be scaled up large enough to launch useful payloads into orbit.
I personally don't think it's going to ever work for anything large and no way in hell will you ever put a human on this thing, but if they can get micro-satellites up there that would still be very useful. Their current results are impressive but from the videos I saw the test launch avoided total disaster by a hair and wasn't as much as of success as they claimed. The payload looked out of control to me.
Still, props to them for actually building this thing and trying it. Even if it eventually fails we will still learn plenty.