Airbus claims that this particular seat design is not only meant for use in the air, but can also be implemented in the likes of buses, cars as well as trains. Such an airplane seat design that features a storage compartment for hand luggage would be useful for passengers to stash their smaller sized bags as well as loose items (perhaps purchases at the duty free section before a flight?) in a compartment located under their seat cushion.
However, this would not spell the end of overhead storage bins, as they would still be required for larger sized items which are allowed in the cabin, such as carry-on suitcases or musical instruments. One major positive of such a design is, passengers have more space to stretch their legs.