I got that far in my mind, my big question now is: "how are they planing on storing the hydrogen?" edit: the other reason i am waiting for independent studies is to check the efficiencies of this device.
From what I understand the waste heat is not insubstantial meaning that the fuel cell could in fact be used in both methods - with the waste heat driving the second process you list above, and I assume even the water output from the fuel cell being a part of this. Should drive up the output and efficiency a bit overall.
In a domestic situation any waste heat can be used to (pre)heat your water supply. Plus producing the power where it is needed is much more efficient then moving it around the national grid.
Seems like a step in the right direction at a roots level, once the corps get in and bully the low level user out for increased profit margins its no better. As said in the interview it will have GE not Bloom on the side. But still we have the means and the technology to tap the energy all around us, geo thermal, ground source, wind, sun, wave, tidal etc etc the list goes on and on.