Neat. I wonder how much work it will take before it can hover. I just spent too much time on YouTube watching people crash drones (often into people). I could see some applications for this filming at crowded venues once it's more developed.
I see it mostly as a cool research project right now. Like most research projects it will likely never see mass commercialization, but it's still really cool. And maybe something they learn from this will be useful for something else entirely.
I also actually know one of the professors who worked on this, as he taught my first programming course way back when. He just loves to build cool robots.
I know there's been a lot of work on how bats do internal image processing (sonar images, in their case). Not sure about eagles.