This is indeed a big deal. The emitter is much smaller than a wavelength of light. This means that the light emitted from it will be coherent if it is monochromatic (which seems to be the case). Thus IBM has created one element of an optical phased-array antenna. This technology could be used to produce lasers of very high power.
There are many other interesting things that can be done with this technology.
(steely)
I think so. There was a time when IBM was famous for not taking its inventions to market. Sadly we are entering another such era, where business investment and risk taking is on the decline, especially in technology. Even sadder is that it's occurring during a Republican administration.