The proposal would be 48VDC (pretty standard for panels) to 120VAC 50Hz, back to 5 and 12 volt at the application, versus sending 12 and 5 volt around a house, call it 10x10 meter perimeter and pessimize the layout (some outlets go all the way around the house).
My strong sense is that the single-step conversion beats the three-step, but losses transmitting low voltage DC are substantial.
Also, I agree that the USB Power Delivery spec is a very good candidate for modern homes/vehicles.
If houses started coming with standardized low-voltage DC alongside the regular 110 AC, manufacturers could perhaps start selling CFLs and LEDs without builtin transformers. Although I'm not what voltage they actually run on internally.