It will certainly be interesting to see. I don't think it will put the gasser industry out (especially if HD keeps selling $150-$200 options), but I think it will definitely take a bit of market share for those willing to spend $500 on a grill. You also have to remember, not everybody wants to smoke everything like we do. I, personally, still use my Weber a ton. Also, reliability is still very much up in the air on a lot of these new pellets. A Weber will last you 20+ years if cared for properly. If my GMG lasts me half that I'll be shocked.
However, I could be very much wrong. If Traeger or one of the others can create a brand like Yeti or UA, anything can take off.