Absolutely, this has the potential to completely redesign the way we look at manufactured products. That goes well beyond China; it would radically disrupt the economy at home, too. A lot of products that are currently shipped could be printed.
I think the case of books is instructive, though. For a long time we've had the technology to print books at home. DRM was of course an issue, and publishers weren't jumping at the chance to make the book available to print, but even setting that aside I think people who want printed books would generally rather have them mailed rather than downloaded and printed on their own printer. There are little things, like binding, page size, and the price of printer ink. In the end, the Kindle disrupted that market before it got going.
I suspect we'll find that for a lot of common products, we'll want to keep doing it the old-fashioned way until somebody completely disrupts the market. I don't know what that will look like. I do know that I'm about to go buy a new coat, and can't imagine the day coming any time soon when I'd download it and print it.