The demo may not have seemed technically impressive or polished to a final marketing demo. But what it shows is the following...
BodyPaint is being worked on
OpenGL viewport is being worked on
Faster real time projection painting is being developed. Which works in a way that Mari does. IE paint in 2D on the screen and see it projected and updated in real time on the model.
And add to that what was in the blog post
UV Tools are being worked on.
It has a new software rendering system as a fall back for older graphics cards.
Companies and artists are in the loop and all your feedback and requests have been taken on board and action has been taken.
And I have seen questions like "does this mean the new core is already in". Yes it is in. The new core has been in since R16. What you are seeing is the new core being utilized by other parts of C4D. Slowly being upgraded, in some cases possibly thrown out and redone from scratch on top of the new core without breaking any current scenes, workflows or rendering pathways. Very hard to do and they are doing a great job.
I see questions about using the Sculpting workflow. If they do that, currently sculpting is only part of Studio and BodyPaint3D, so not everyone will benefit.
I personally think they should go after Mari, but with a tool set that is more intuitive to C4D users. So that will require a full UI overhaul. But in the mean time they can deliver slices of the technology to you incrementally, like this tech preview shows. And as a service update is fantastic.
They have been hiring people for modeling, uv mapping, gpu computing etc... over the past few years. Their jobs page is now empty of all programmer jobs. They are full up. They are planning for the next 5 years of releases and their coders are all going full steam ahead with the new core.
Looking forward to Siggraph to see all the demos. Maybe even a live preview of this new painting technology.