Sounds great for emergencies, but that would be awesome for free diving!

I'd be curious to see what happens if the liquid carrier is replaced by the patients own blood like in plasmapheresis, this could result in a very long hold time without need for artificial respiration.
http://en.wikipedia.org/wiki/Plasmapheresis

That is one absolutely brilliant idea! Reminds me of the sixties/seventies research to create artificial gills to allow us to breathe underwater.

I hope this can be safely used on humans in the future.
With this foam suspension, do you still need erythrocytes to transfer the oxygen or does the foam itself work like red blood cells? (Oxygen-foam to cell vs. oxygen-foam to erytrocytes to cells). Not needing erythrocytes would be incredible, because you could use it as a blood replacement at the place of accident.

I can see this becoming popular with athletes. Imagine if it was surgically implanted and a radio signal could release it presumably by the coach. Should be good for a boost near the finish.
Of course, this would also release free radicals like crazy prematurely aging.
It conceivably could save lives of marathoners who collapse at the end of the race.
Great for mountain climbers who get in trouble too.
Sounds like Star Trek's "tri-ox compound". Though it looks more like the fluid the Jem'Hadar had flowing into their necks on DS9.

so, if the airway is blocked, how does CO2 get out?

This idea is nice - but there's a nasty little catch : what happens to carbon dioxide ? it kills just as fine as the lack of oxygen. The vision of this oxygen injection in every emergency bag is nice - but it's only a few minutes to seconds till oxygen starts eating up the lipid components and going from microparticles to macro bubbles - I'd expect an expiry range of minutes - not months or years .

@Károly Hőss
actually CO2 is not THAT bad as your old physiology classes made you to believe. Check it up at http://www.normalbreathing.com/CO2.php
A whole alternative therapy approach around Buteyko is based on this assumption. When you breath normally you "hyperventilate" according to them - and you deprive your body tissues of oxygen that has had no time to get absorbed in your CO2-driven "hyperventilation" [your normal] breathing. If CO2 is "not that bad" you really can breathe slower, oxygenate your tissues perfectly, resolve your chronic diseases, achieve "superhealth" and even erratic emotional states stabilize in more rational thinking mode. (They have been partially accepted into mainstream for asthma treatment w/o validating their extraordinary claims in general.)

Come on, guys. Why the negativity? To try to prove you're smarter than the researchers? These are medical professionals and I'm sure they know a bit more about what they're working on than a drive-by commenter on Gizmag. This is intended as a short-term aid. They don't have to worry about carbon dioxide saturating the blood. Acute hypercapnia takes more than 15 minutes to happen. If you'd care to read the linked article, it says:
"The microparticle solutions are portable and could stabilize patients in emergency situations, buying time for paramedics, emergency clinicians or intensive care clinicians to more safely place a breathing tube or perform other life-saving therapies, says Kheir."
So this is just to keep victims alive for a few minutes until they can be transported to a hospital, where doctors can intubate with a respirator, open the airway or even put them on a heart-lung machine in cases of complete lung failure.
@sascha.kremers,
You still need blood. This is a way of getting oxygen into the blood when the lungs can't. But erythrocytes still need to do the actual work of oxygen transport.

Whatever happened to PFC liquid? Fill the lungs with PFC liquid and the veins with this stuff and your good to go for surgery without need of oxygen mask, etc. I am sure there could be many uses found.