I really hope so! This is how I've dreamt of my computer working for a long time. I get a similar effect with Spotlight and Alfred when launching and switching apps (I never use the dock or Cmd+Tab) but I don't think they go right down to being contextual to the current app (for menus, etc). Typing just a few letters of what I know I want is, I think, the way forward for me, so I hope it catches on.
I am a bit at a split
As a programmer: its a CLI for GUI apps, yeah!
As an average computer user: Are you crazy...?