Indeed, this is very exciting news! Albeit not as shiny as a new CPU or GPU.

On the other hand, there are still a lot of questions unanswered about this initiative. The project description sounds like ModernFW is an experiment rather than in use anytime soon. Even 2020 sounds to be a very ambitious goal. Is this target still up-to-date or postponed as other CPU products from them though? Another question would be why haven't they joined the other efforts directly to collaborate from the start with the TianoCore, Coreboot and Linuxboot communities? Or do they? ModernFW looks like it is their own fork of these projects.