I hope they (eventually?) include frame interpolation, as well. They've given some impressive demos of that, in years past.
Oh man, lemme go buy a $1,000 GPU so I can upscale that 360p cat video on Youtube from 1994.
I have lots of DVDs and blu-ray discs. If it can be used for playback of those, or other types of video files, then its value is substantial.
Also, they didn't say exactly which models would be supported, did they? What if it works even with a RTX 3050?
Over the years, I've spent money on GPU upgrades and various hardware solutions to improve video deinterlacing and scaling. I would definitely consider buying a new Nvidia GPU for this, depending on how well it works and its overall capabilities.