Soljacic's theory stands upon the fundamental knowledge that electricity does not necessarily need to be physically connected between two points for an energy exchange to occur (i.e: the coils in electronic transformers that rely on electromagnetic induction to transfer the electricity without actually touching one another). Thus, he believes that with the right technology, this ability to transfer energy "wirelessly" across very short distances can be greatly enhanced to extend that distance potentially indefinitely.
If Soljacic were able to make this become a reality, it could enable us to inhabit harsher regions of the earth, provide electricity to third world countries (via satellite), and even extend our reach into space. In 2007, in fact, Soljacic successfully lit a 60 watt light bulb wirelessly from 7 feet away using magnetic coils. The phenomena has been coined with the term "WiTricity", and is now being extensively researched by companies such as WiTricity Corp. and PowerBeam. In my personal opinion, we may just have a slight revolution on our hands.
http://web.mit.edu/newsoffice/2006/wireless.html
http://www.scientificamerican.com/article.cfm?id=wireless-energy-lights-bulb-from-seven-feet-away