Hopefully it doesn't make it out of Alpha, at least for Elemental. Other games, I can buy this, and yes, I know how annoying it can be, as I am an avid fighting game player- which is the least lag-tolerant genre out there.
The main reason I got a 360 over a PS3 for fighting games, despite 360's not being the approved standard, was because PS3 allows wireless connections, which makes many matches laggy as hell over PSN.
That said, the GGPO netcode idea, if it can work outside of fighting games, it's a cheap network code engine, that has been used in a couple of fighters (STHD and Blazblue) ,which smokes other fighting game netcodes. I'm unsure if it would work in other circumstances, but if it did, Stardock would be smart to look into it. It would also be fairly easy to contact the owner as well and see what it could do.
For a game like Demigod, I can see a need for this, though it should be an option. Elemental shouldn't need it nearly as much.