The interesting thing about the TD is that it offers the consumer quick and easy conversion without a vice or any barreling tools. It also doesn't carry a significantly higher MSRP than the standard SR-556 so the consumer isn't paying extra for something he may not want to use. Those who don't want to play around with conversion barrels will probably still find some benefit in being able to further disassemble the rifle for detailed cleaning with no tools required other than a small roll pin punch to remove the transfer rod from the forend. While I do see some merit in being able to reconfigure/rebarrel a rifle with minimal effort, I don't know how practical this idea is in reality. As has already been mentioned, the AR is already easily convertible by swapping in a complete upper. Time will tell on how ready the market is to embrace Ruger's idea.
Personally, I am glad to see this rifle using a thinner profile barrel and think this one change is the most overdue improvement to the SR-556 line regardless of anything else the TD offers over Ruger's other piston guns. I only wish Ruger would have used the CLA handguard for this new model or even gone to a Keymod forend.
The takedown rifle, in its bag, is pretty compact with no one piece being longer than about 18 inches. This saves about seven inches over a standard assembled upper. Here's the TD with bag compared to a complete AR with a 14.5" barrel and pinned AAC Brakeout. Not a direct comparison since the S&W is fully assembled but it does give a frame of reference for how compact the TD is when disassembled.