It is a little more than that. It is enhanced cruise control, lane departure warning system, and auto parking system all rolled into one. The new part of the system is that instead of just warning the driver about lane departure it will automatically steer back into the lane, and if the driver puts on the turn signal it will automatically change lanes.

Honestly it seems like the big deal is that it is Tesla and how they marketed the feature.

It is, and this is a problem that's plauged auto safety advances. When ABS was introduced people started following so much closer that they more than made up for the stopping distance advantage. Now we have advanced cruise control systems, and some people more than make up for the safety advance by not watching where they are going.