To that extent, it resembles other synfuel concepts. The principle difference being that iron-as-energy-storage entails reduction rather than synthesis, in the chemical sense, for hydrocarbon synfuels.
There's a lot to be said for options which provide long-term, "shelf-stable", environmentally-benign, high-volume energy storage with convenient storage, handling, and utilisation characteristics. I've looked with interest on petroleum-analogue hydrocarbon synthesis (Fisher-Tropf) and alcohol (Sabattier) processes for some years. Both have long (multi-decadal, approaching a century) of established use. Yes, the overall process is lossy (as little as 15% net energy recovery), but there are applications for which there are very few alternatives: powered heavier-than-air flight, marine transport, mobile use, off-grid primary or back-up power systems, heating, and industrial applications.
I think I'd made abundantly clear that the abundance question is pedantry.