Makes me smile because everything old is new again. This is very similar to features MooTools had like 10+ years ago before JSON took off big.
i would stick with what it is designed for: light front end scripting, rather than writing a huge app in it, but within that domain I think it'll be pretty reliable
The most interesting part of it to me is that the mainstream has gotten so far out over to react and data payloads that the paradigm of "send some HTML and stick it in a container" is seen as revolutionary. Not to say that a well-designed library for doing this is a bad idea, just that... it's interesting to see how it's talked about.