So... what\'s the difference from an good old thermocouple?

Efficiency? Thermocouples are about 6%. Which is enough to use them as temperature sensors. I know they are just at the beginning of this, but some numbers would be good.....

Something that converts heat DIRECTLY into electricity??... boy, this is good... no wait, potentially revolutionary, if they can keep the numbers look good...

Yes, some numbers would be very good, but I still think this seems like a better solution than a thermocouple. If you could coat the object in question in a layer of this and have perfect contact, it seems to me you\'d have a better chance of turning more of the heat into electricity. (not that I know, but I\'m guessing)
In any case, I am excited to see this. Sounds like good progress in the right direction.

If it is over 30% it would be great for solar reflecting dishes. That saves a lot of expense and complication over heat engines. At 40% it would blow them out of the water. Of course, making the material in bulk may not be so easy. The elements themselves don\'t look too costly. A lot of details left out. If it is 5% efficient that would not be much of a game changer.
Peltiers can work in reverse, I wonder it this can be coaxed to as well. Could make a good cooler. I am probably dreaming.

I meant by cooling, not by heating ;)

I wouldn\'t get my hopes up. The process seems to be a sudden change in magnetic properties at reaching a certain temperature. This would create a single magnetic pulse, inducing a single electrical spike. This could be measured, but not useful. You need a cyclic induction to get useful power out.
Perhaps if they find a way for this material to swiftly oscillate between magnetic states it would become useful, but in most cases thermal reactions are quite slow.

If this material could be buried under pavement, wow! Roads and parking lots turn into electricity generators. How about roof tops? Stay tuned!

So, no moving parts? Another application (if it indeed is more efficient than a thermocouple) would be deep space probes. They currently run on electricity from thermocouples that get their heat source from atomic decay.

this would be perfect for a company with lasers and heating homes