I wonder what the “standard and widely believed computational assumptions” are. Presumably, probabilistic approximations to NP-complete problems are not polynomial-time? Or the derandomized versions would still be just approximations?
The basic idea of the work is that if these problems are hard, then we can use them to build pseudorandom generators that are "just as good" as true random, which we can use to turn truly random algorithms into pseudorandom algorithms with the same performance.