I think this is a great idea, and I look forward enthusiastically to this code appearing in mainstream distro's. Having said that a secure OS is a beginning - not an end in itself. While it's nice to know that some deranged 10 year old will now find it harder to demolish my machines, the real source of security risk in our outfit is the legitimate users, not outsiders. I suspect that this is true for many others too.
Schneier in his newish book
'Secrets and lies' discusses the real issues involved with exceptional clarity
Incidentally if you don't want to patch your kernel (or, like me, don't know how!) may I recommend Bastille a nice Perl based hardening script for Linux.