From what I understood, it boils down to "distributed CPS" (continuation-passing style), where the state instead of being automatically closed over it is explicitly assigned to, and the continuation execution is distributed.
The problem about this specific approachh from where I see it is that something like this should be a few days' work to implement using an off-the shelf persistent queue (which could be abstracted away), something like Protobuf for defining your shared state and auto-generating serializers/deserializers, and then some reusable glue code to push/pull from the queue, and it would support multiple languages almost out of the box.
With that said, I am not sure if I'd want to define pipelines as a shared "mutable" state passed around, it sounds like classic object oriented design which makes it easy to create buggy code. It'd be much more robust to clearly define several steps which very strict, well-defined inputs and outputs every step of the way. You're paying for the copies in each serialization anyway (and much more, since this is a Remote Procedure Call), so what reason could there be for choosing a fixed mutable model?