Yeah, reminds me of sparse imaging / compressive sensing too. Nothing new here except perhaps they aim for a consumer product. I would still welcome any device capable of imaging at high resolution and wide dynamic range without a lens. Lenses are so medieval, we should do better.
As their paper points out, these pinhole systems really suffer from the fact the the imaging aperture is TINY. This produces a low resolution, high depth of field image like a camera with a very "high / slow" F/# .
High degrees of multiplexing also require high bit depth measurements and low noise, driving sensor cost up.