Honestly, this isn’t even anything new, it’s just an updated version of the same concept behind IR data communications but using visible light and modern electronics. Anyone who’s owned a Gameboy Color or a LEGO Mindstorms Robotics Invention System set as a kid would have already used older versions of a very similar technology.

I can see it being useful in niche applications, though I would like to note that many of those would be better off using a laser diode rather than an LED.