This would seem to allow security updates at a faster rate, but the linux kernel will forever be abandoned to hardware vendor whims aka still on 3.10.X
From TFA:
" In addition to the architectural changes, we're working with our silicon and device partners to take their code changes, such as features for a carrier network in a specific country, and move them into the common Android Open Source Project (AOSP) codebase. For example, Sony and Qualcomm contributed dozens of features and hundreds of bugfixes to Android O so they no longer need to rework these patches with each new release of Android. "