Not worthless, but not as useful as people are making it out to be. It is better suited for visualization (which is the use he displays in the video) than actually modeling and assembling (which is what he said this could be used for). I can think of at least two more uses:
Education (showing children animated and interactive models for biology, astronomy, physics, chemistry and who knows what else)
Entertainment (With the Oculus Rift and the Virtuix Omni, if the precision for the sensor is good enough, you could have a nearly full VR experience, including the movement of your arms. The only thing missing would be tactile feedback)
And I didn't go really a centimeter out of the box. Someone more creative than I am could do WAY better.