Yes it's a paperwork exercise but it's not worthless - not everyone can get one you know. The EU has already said this will meet their requirements - it proves some form of formalized training has been passed.
They're coming in September. Get 'em while they're hot!
I have heard that there is no checkride involved, its not really a "type rating". It's a magic wand kinda thing from the FAA. I wouldn't get too excited, but it is a good way to prove that you do have expirence in whatever airplane you are flying. So it is a good thing. but its not the same as a PIC type rating.