Gonna say yes- but that's because they don't sound very significant.
First, the 98% texture memory reduction is a made up BS statistic, ignore that.
Second, people have been dealing with blurry stretched out textures since Mario 64 and Quake 1 so it's the way you expect a too-close texture to degrade and it's not that bad- it's not clear that degrading into high-resolution triangles and circles and arcs instead would be an improvement. Looking at the screenshots, I am not impressed by how those textures look- even if it's justified as going with the game's style, subjectively I think they looks kind of ass.
I'm even going to guess that none of the other devs at the game company are as impressed by this gimmick as the guy who came up with it but they have to pretend to be because he's their boss.