In addition to the other comments about how it's still not bad for efficiency, I'd like to point out the potential political and environmental benefits if we're still using oil anyway. Oil drilling has a huge negative impact on the environment. Oil spills, pipeline leaks, and the extraction itself can devastate ecosystems. I understand that electronic components in general are bad to produce, but this may allow for minimizing at least one avenue of environmental damage and exploitation. Additionally, oil is a huge part of international politics. Not needing to rely on oil rich nations would relieve some complications regarding international affairs. I don't know what scaling this looks like, but even if it had a worse conversion rate, it's still of interest for those reasons. Of course, all of that supposing we cannot switch to an entirely oil free society in the interim.

I do wonder how the removal of water and carbon dioxide from the air will affect local areas though. I imagine more research needs to be done on that.