This is good stuff, but don't hold your breath waiting for it or you will turn blue and then several other colors while waiting. "Combine cutting-edge" in this context is code for "basic research".
Very true, right on the "bleeding edge".... They'll be looking for partners to fund the move to production no doubt and this time they might get some from Collins, Honeywell, L3, et al. NASA themselves cannot take the development through to certification.
The base technology is there. Look at any Cirrus avionics fit - Garmin G1000 and Sirius/XM weather overlay provides most of what's needed for "phase 1" if the satellite data is available for the area in question. Storm tops and intensity would be a start. Forecasting CAT might be better off left to on-board Doppler for now (IMHO).
Rgds.
24V