If you think of it as a CPU running at that speed and what is needed to achive that then that might help get an idea about this in terms of achievement. As for radio the higher the frequency (think sin wave) the shorter the wavelength (distance between sin waves). This also means smaller recievering antentna and etc. One other use this does have is one day your computers chips and memory wont need loads and loads of intricate expensive wires to connect them together as they will talk wirelessly.
That all said I'm sure others will explain this news in far better terms and alot more acurately.
It's also a big increase in the bandwidth-delay product, the amount of data you have an opportunity to send down the pipeline before any responses could arrive.
Very true, for asemetricaly processing unlike simplex processing. Though for inter device communications for currently technology it could be used to save alot of wire space - especialy between memory and CPU's. When it becomes cost effective to do for things like that today, well that can be a opertunity as the delay is more than accomodated by the slower parts and buffers, just to save the use of parralel wires is worth it and can be faster as less hassels to syncronise channels. Look at disc interfaces over time with SATA replaceing PATA for speed. Just easier to design and process for.
That all said I'm sure others will explain this news in far better terms and alot more acurately.