As the speakers in this talk point out, open microcode would allow extending the CPU with brand-new capabilities, including not only high-performance instrumentation frameworks, but also, I think, nearly-free ASAN-like and CFG-like runtime safety checks.
Is security a reason not to open the microcode architecture? I don't think so. I know this talk happened at CCC, but I don't see the security consequences of open microcode being severe: if you're in a position to install a microcode update, you've already won.*
Backward compatibility? Sure. Microcode can change generation-to-generation, or even stepping-to-stepping. Public microcode programs would have to be written with the understanding that no stability is guaranteed. But you can still get a lot of useful work done that way --- for example, people write Linux kernel drivers all the time.
Trade secrets? Eh. Does it really matter whether a processor has 32 or 64 internal temporary registers? I'm not sure what secrets proprietary microcode might protect against an adversary that has a dedicated chip design team and electron microscopes.
So, yeah, this talk represents impressive work, but none of this work should be necessary. Then again, if wishes were horses, beggars would ride. We can't even get Intel to ship a processor without the damn management engine.
* Granted, microcode backdoors have the virtue of being subtle and easy to hide. This paragraph doesn't apply if microcode updates let you break the processor's internal security model, but it sounds like, from the talk, that microcode obeys security invariants.