In fact, even the idea of "year of CPU time" doesn't sooth me much, because while most of your traffic might be "quickly-expiring" it's definitely not true for all of your traffic, and what's possible to do with a year of CPU time will be possible to do comparatively cheap very soon. And I guess we all remember stuff like Google collecting some wi-fi traffic anyway.
So, it sounds somewhat scary to me. We don't even have anything better than WPA2 now, do we?
That doesn't sound like something that would take a year of CPU time, but since no one seems to have actually read and analyzed the paper yet, who knows.
i wonder how quickly you could solve that problem, cracking the wpa2 key, if you had $$$ resources to scale up. could it be usable? would make for a great android app :) i'd buy it!