In laymen's terms, it means that you're doing a variant of call-by-need, except you can be absolutely sure you don't copy applications without need.
I am personally skeptical it's a useful idea at all. Machine computation is what we really care about (how fast can you push instructions through the pipeline) and graph reduction systems were already all the rage in the 80s. We gave up on them because they didn't interact with the cache well.
So, this is the "motherload" of all graph reduction strategies, yet it will get absolutely trounced in settings like numerical computation.
I suspect at most once per hardware thread is a faster choice - repeating some calculation for decreased communication.
Or you need a static assignment of reduction to threads which means predicting how long each reduction will take.
The cache failures was because the cache was to small. Whereas now we care about CPU OP data dependencies.
In general this "optimal" strategy seems to assume infinite memory that's all accessible at the same speed.
In a similar vein, if typical strategies for unstable sorting of arrays in place use quicksort splitting for long spans and insertion sort for short spans it doesn' mean that either algorithm is "better".
I don't think "massively parallel" is all that good for performance either, because battery life is part of that.