My main concern is durability of the coating. There are lots of DWR ("durable water repellant") coatings out there, any of which could be used to create similar spill resistant footage because it's easy to repel water in the short term. The challenge is always to create a coating that lasts through abrasion, repeated washings, contact with non-repellable liquids etc. This kickstarter project doesn't really address this issue. For example, are body oils repelled?
If a coating like this could be developed that is durable in the long term, then it would eliminate the need for a WP/B membrane and usher in a new era of waterproof fabrics with much higher breathability. One day it probably will be, but these guys don't appear to have actually put much R&D into their shirts so I doubt they stumbled across it.