This is a very clever idea.
To those making fun of it, it is *not* a railroad/railway, nor is it slot cars. The vehicle is not on a fixed track.
Railways have had "third rail" power supply systems for a very long time. The biggest issue with them is safety; miles and miles of exposed high voltage terminal that will fry you if you touch them. Ouch. The mitigating factor that makes them a sensible option for a railway is that the railway is dangerous enough even without them that it needs to be fenced off.
This invention is basically giving this system to the roads.
The important point here is that the power is only activated for very short stretches of track at once, when that stretch is directly underneath the vehicle. This makes it safe enough to put it onto the public roads where you can't fence it off.
What it *won't* do is give us battery-less cars any time soon. We might be able to get away with smaller batteries, but we will still need them. The summary states that it won't provide power if you're going at low speed. That means city drivers could go an entire journey without being able to use the system, and even for journeys where you can use it, you'll still have low-speed parts of your journey. Even if we decided to start building it now, it will be many decades before it has widescale coverage; there will be plenty of minor roads that are likely never to be upgraded (there are plenty today that are still dirt-roads). And of course, your own driveway probably won't be connected to the grid either.
The beauty of this is that it is entirely compatible with the existing road network and could be implemented piecemeal. Roads could be upgraded with the system. Cars that can use it would benefit, but older cars could carry on using the same roads just the same as they always have. Likewise, if the electric cars also have a battery, they would be free to continue using roads that didn't have the electric rail as well as those that do.
My prediction is that it will be used initially for bus routes. If all the bus routes in a city like London were converted, it would amount to a significant amount of track. The fuel savings to the bus operator would make it very easy to pitch to the city. Existing electric and hybrid cars owned by the public could then be retro-fitted with power pickups for the system, and where the bus routes are public roads, people could benefit from the same fuel savings. If this was subsidised on the grounds of reducing pollution in the city, then the public take-up for the project would likely be quite big.
As the number of vehicles capable of using the system increases, the road network could be further upgraded beyond just the bus routes.
So yes, it is a clever system. However, don't be fooled into thinking it's a new idea. This system was first used a decade ago for a tram line in France. It was the first electric tram line in the world not to need overhead power cables. Ground-based power lines had never previously safe enough for a tram line that needed to run through city streets. This system has been in use for a decade now and has proved itself well. Building it into the regular road network seems to be the next sensible step.
Here's the wikipedia page about the existing tram system: http://en.wikipedia.org/wiki/Ground-level_power_supply