I think this is a step in the right direction, but it still has the central issue that looking for oxygen rich planets (or any atmosphere with a disproportionately high quantity of some suitable agent for reduction (respiration). We didn't even get around to the whole respiration thing on this planet for quite a long time, and there's no requisite that ATP/ respiration is the direction life is going to take, and equally, in the event of some kind of reductive respiration, there's not a prerequisite that oxygen be that agent, although its a pretty good candidate.