Purely from a design point of view, I think it looks pretty cool.
As a concept, experimental project? Ok, yes it is relevant, even if only for the road car crossover potential. The technology will hopefully be developed at a quicker rate, which is something motorsport is great at doing.
As a sport? Well that's the thing. Most people only watch motorsport for the drivers, they don't have much interest in the cars (I'm just generalising, don't shoot me down in flames! lol) so the idea of rooting for a robot car or team is not something I can see people getting into.
I suppose the only thing that might save it, is numbers. If we had say 35 of these things racing that would be an great sight. Whereas if we are only watching 6 of them going round a Formula E circuit, it will be incredibly dull...