Exactly how is this different from what we currently have?
Consider a conventional router receiving two packets that are part of the same video. The router looks at the first packet's destination address and consults a routing table. It then holds the packet in a queue until it can be dispatched. When the router receives the second packet, it repeats those same steps, not "remembering" that it has just processed an earlier piece of the same video.
Uh, no. This is called process switching. It hasn't been used in anything but the most low-end routers for quite some time. CEF (Cisco Express Forwarding) and MPLS (Multiprotocol Label Switching) use flow control. The perform a lookup on the first packet, cache the information in a forwarding table and all further packets which are part of the same flow are switched, not routed, at effectively wire speeds. MPLS adds a label to the packet which identifies the flow, so it isn't even necessary to check the packet for the five components which define the flow. Just look at the label and send it on its way.
QOS (Quality Of Service) has multiple modes of operation and multiple queue types which address the issues of which packets to drop. It may or may not include deep packet inspection to attempt to determine the type of packet.
Perhaps they've come up with some new innovations that aren't obvious in the write-up because it's written at a relatively high level, but there's nothing here that isn't already implemented and that I don't already work with on a daily basis in production networks.