It's nothing new. Textured 3D point clouds are a vast topic with huge amounts of research. Euclideon just successfully markets hype to rich people and seems able to write software less sucky than the existing solutions.

Oh, I know that, something about how this is all presented just rubs me the wrong way.

I feel like the videos about it mis-state critics objections. Instead of "critics have pointed out that this involves massive amounts of memory and that arbitrary and complex animations will likely cause problems" it's just "critics said it couldn't be done".

Also, the talking about investors at the end there rang alarm bells for me.