It will likely be difficult to beat expertly written code using explicit locks. But most people aren't experts in concurrency and will either get it wrong or have slow implementations. And if transactional memory catches on, we may even see some hardware assistance in future CPUs.
(S)TM is definitely worth exploring more and even a 2x slower implementation (as envisioned by the PyPy team) could cover most concurrency needs, which will make it a success in most people's eyes.
I think transactional memory systems with at least some hardware support are potentially more interesting.
What comes to the performance, the benchmarks in the paper range from no speedup at all with 8 cores to having 1.5x perf increase with 2 cores to 4x increase with 8 cores. To me, that definately sounds like something worth researching.