This is cool! As someone who has TA'ed similar classes to this, I've noticed that students usually find classes that teach low level programming and assembly a drag. They often complain and find no interest in the material. Part of the feedback I've received on that is that 1) it's useless and 2) there is so much abstraction that it's hard to really understand what's going on if you already don't have a very strong mental model of how a computer works, which is not taught or expected in courses like these.
I had the opportunity to play with an Altair 8800 clone and it seemed so much more intuitive there's not fifty layers of abstraction over how things like memory, I/O, etc. work, and you can inspect what's going on very easily. From looking at this project, it certainly feels similar, but much more easily accessible and programmable, while also really letting students get a feel for the organization of a computer without the abstraction. I really think this would help point (2). As for point (1), with easy graphics output, it's easy to do things like write games (like the aforementioned snake), and I think that would already make this a lot more fun than the kind of assembly and C code that the course I TA'ed wrote, such as "find the max of an array in memory using only assembly," or "implement a database to store information about courses in C."
As a side note, it would be super cool to have things like CTFs that use the MTMC for pedagogical purposes, à la CMU's "Bomb lab"!
I really hope that universities adopt either this or something like this for introductory computer organization and low level programming courses. I genuinely believe that it would make a big difference in students developing a passion for low level programming, and I'm really glad that this work was done.
Side note: Java is honestly a great idea, since most students learn Java and thus the barrier of entry for contributing to this would be greatly reduced.