It looks horrendous!
Okay, so I can believe there is extra physical legroom, which is a serious concern for taller people. But for me (and I suspect many other average sized folk) rather than physical discomfort it is the claustrophobic, crammed-in feeling of high density seating that is uncomfortable. And in that respect, this looks a whole lot worse than what we have now.
It also looks like the space under the seat in front of you would also now be someone's egress route when the seat folds up - hence not available for storage. That alone could kill this idea.