The algorithm is especially promising for near-term devices
Let me define this for everyone: "not for at least ten years".
I am a PhD computational chemist working in the field at a company that is actively developing new methods, so I know a little bit about this. Quantum computing is far from useful in this field, and there are still many massive hurdles it needs to clear before it becomes viable. Even then, it will be far from cost competitive. These results are interesting from an academic perspective, but have no practical relevance. Every quantum computing for chemistry paper I have read either runs models that have no practical relevance for practitioners in this field, or uses massive amounts of computational power to achieve something I can do on my laptop.
Furthermore, the massive improvements we have recently seen in this space due to the advent of improved semiempirical methods (e.g.
xTB), improved local methods (e.g.
DLPNO, and recently
DLPNO-CCSDT(Q)), and neural network potentials (NNPs) means that the goalposts are quickly moving further away from what quantum computing. What used to take a day to run with traditional models (e.g. DFT) can be run in seconds on a laptop with NNPs. For those who are interested in learning more about what is actually useful for most chemists, I recommend: