Assuming this is real, it sounds pretty awesome. A machine that accelerates your sleep so that you get the benefits of eight hours of sleep in about three. Stay up most of the night doing whatever you want, then just plug into one of these and get your sleep in just a couple hours.
Of course, as with every new technology that came out in the past 60 years that was supposed to give us more free time, the results of something like this would probably just make us spend more time on work and stressing out. Work days might be lengthened, or bosses won't feel the least bit guilty in calling you in the middle of the night, since you have so much extra time. Teachers will assign tons more homework to kids, reasoning that everyone now has an extra 5 hours in which to do it.
I can see other major changes in culture happening as well. Since only three hours would be required, the nighttime wouldn't be so closely associated with sleeptime. People would probably require a fourth meal in the day. Businesses (in particular, stores and restaurants) would stay open longer, which could result in more jobs. With so many people out and about at night, citiies might start building more streetlights on the roads to accomodate.
It's really interesting to think about the kinda of changes a technology like this would entail. Imagine the effects of a technology that eliminated sleep altogether?