This isn't redesigning piano sheet music, this is just creating a piano tablature. That's great and all, but this has existed for a long time, it's similar to how Synthesia[1] represents piano notes. The fact that the timing can't be easily read from it means that like guitar tabs, it can't be a replacement for traditional sheet music. There's a good reason sheet music has been around for so long, it makes sense and is versatile, it doesn't pertain to any particular instrument, and I don't think it's going away any time soon.

[1] http://www.synthesiagame.com