[1]: http://www.csail.mit.edu/events/eventcalendar/calendar.php?s...
We'll know more tomorrow.
In general, taking theoretical approximation algorithms and shrinking the approximation factor to below some threshold where you "tell the difference" is a dead end. For instance, this algorithm's running time has a poly^{1/\epsilon} factor, so you pay a huge cost for it. It is better to think \epsilon = 1/3 or so.
I don't know whether that is the case here: it is possible that they solve a different problem from the fundamental problem. However, even in that case: if the transformations made to turn the fundamental problem into a more tractable problem are generally applicable, then is there really a difference between solving the fundamental problem and solving the transformed problem?