Here is actually using 3 sensors, in 45degrees steps. The auto compensation software may also need to know the filament length between each of the three sensors and the extruder and merge length shifted values to construct an estimation of the cross cut.
Considering the common tolerances of modern filament, I wonder if this complexity will result in a significant part improvement.
A simple way to test is to print 3 models with -2%, 0% and +2% from your current setting and see if the differences are significant.
Edit: regarding how useful it is, his magnetic strength based design is clever and cool.