Unfortunately, it has, so far only been licensed by Huawei for use in a couple of their phone that have already been released. We'll probably hear more about this in the future.
The gesture features and quick-launcher I have seen in launchers and for me personally I'd find it annoying having to turn over and knuckle-draw gestures.
The quick screenshot is pretty cool. I hate having to hold two buttons to take a screenshot and when I use other launchers to accomplish something similar, I end up accidentally taking like six screenshots. Huawei is thinking though because I can honestly see this being used in other applications like games and drawing like you saw in the Papyrus demonstration.
It looks maybe too much complex for me too, but perhaps that's just the case with necessisty of learning some new procedures that might be automatized after some time. I'd develop means of device control that would not require touching the screen, wii/theremin/Jedi force style. That'd require a lot of learning as well but I guess - would give a lot more possibilites in terms of how many commands you can give by a simple gesture.