I wrote about this on my blog today, after someone forwarded an article by Quartz India to me. If anyone wants to comment or add more insights on the blog post, please feel free to do so.
I wouldn't really consider it a Visa on Arrival, but -- assuming it works as it's supposed to (and that's a big assumption), then that's a HUGE improvement. I am going to India for my first time in March, so this is one less big obstacle. Of course, there's still all the planning and the vaccines...