BMW's system is very cool. It's only real limitation is that you still can't independently change lift and duration since you are still stuck with using a finite number of cam profiles. The variable lift does not really replace a VTEC-like system or VANOS-like cam phasing. In combination with multiple cam profiles and variable phasing, this system does come close to offering most of the benefits of a completely camless design.

So far, the biggest problems with camless designs is supposed to be noise and power requirements. I still haven't heard of anything that is going to be released in the near future, so you are probably correct that this system is going to be copied by other manufacturers, much like VTEC has been over the last 10 years. Definitely a good thing for the auto industry.