Yeah, if this can be demonstrated to work effectively, it's really awesome. And, from that article, it certainly looks like it works, and I can't see anything that looks likely to go wrong with it.
As for cyborg stuff, well, in principle it is a step towards that possibility, and I can't see any reason why the same technology couldn't be used to control an artificial limb, but I suspect there are quite a few other problems that will arise before that becomes a reality.