Re: more of a neat trick than infosec Armageddon
It's quite serious if you take it from the perspective of state-run secrets, confiscations or political actions: if you are a political dissident, or arrested even on a trumped-up charge, and you thought that your password/encrypted data could not be used against you because they never will be able to get to it, this changes that outcome.
Corporate espionage on a stolen, yet encrypted, laptop? Done. Don't agree with our political agenda, refused boarding of your plane, and fishing for "evidence" on your locked laptop? Done. Even a simply confiscation of an attorney's, or an accountant's, records, with just a twinkle of a suspicion of fraud, but the prosecutor can't get the courts to agree to a full warrant? Done, and done (and fight about it in the courts but that's later, hopefully after that nice "guilty" verdict that sounds great in the news and on your resume as you run for higher office).
This is horrible news for anyone who used BIOS passwords or encryption in the first place.