Basically it's written by some journalist who has no idea what he's talking about. Parallel global networks have always existed (commercial ones exist like Akamai), this one is just a fast dedicated academic one.
The idea that the core internet is still based on telephone circuits and is unfit for high speed data is just false, the idea that there should only be one kind of routing equipment completely goes against the idea of the internet as an open multi-provider network.
It's just rubbish. Internet 2 is a much more realistic view of what the internet might look like in the future but it won't be replaced, logistically it's just not possible, it'll be upgraded in sections by the providers.