Essentially they're creating dedicated circuits between two endpoints to eliminate store-and-forward delay at backbone routers.

I think the title overdoes the impact of this: this isn't the kind of technology that is going to hook end systems to the core of the Internet, and this approach prevents routing from being done at the network level. I could imagine some kind of overlay routing scheme making use of this to connect points near the edge of the network. Or, as the article states, between big datacenters.