I have read through the documents (for work). Once stripped of the hype, I would not be surprised if these "vulnerabilities" are literally correct as described. There is a whole lot of hedging going on down in the details, which gut the document of any really critical vulnerabilities. It would have been so easy to leave out a sentence to make any one of those bugs earth-shaking, but no. This makes me think that the document is carefully written to be as alarming, as scare-mongering, as possible, while not actually giving in to blatant lies that could land someone in prison.
*If* the vulnerabilities are as described, then the real-world impact is that you will no longer be able to really trust a pre-owned computer. Governments and security-conscious companies will no longer be able to take any computer (new or pre-owned), format or replace the disks, and declare the computer secure. Those "bugs" will need to be taken into account. Same thing for computer forensics.
Of course, this was already somewhat the case. You should already reflash the BIOS, and some hard disks and ethernet cards have flashable firmware, but it would seem that the impact of these bugs are that the manufacturer's manual for cleaning the system, more or less unchanged for decades, now has a few holes in it.
To sum it up, I suspect we paranoid people will need a much more hard-core procedure to sanitize hardware. A format/reinstall isn't going to cut it any more.