NYTimes: "In the paper, Mr. Blaze applies the principles of cryptanalysis, ordinarily used to break secret codes, to the analysis of mechanical lock designs."

Mechanical locks are much more pervasive, and can't be upgraded as easily as oftware. Discovering "security bug" in the design of mainstream locks will thus have a huge impact on security (as well as bottom line of lock-manufacturers). And it will be probably insurance companies that will pay for all this.

Update 24/1 : The article seems to be all over the place; original research here, further comments here.

7:28:28 PM