DARPA unveiled RWT as part of a series of vehicle research projects, including an electric motor in the hub (to improve speed and maneuverability) and a multi-mode extreme travel suspension (to enable high speed over uneven ground) , It's about technologies that improve drivers' awareness, such as virtual windows (enabled with 3D glasses), sensor-assisted virtual perspectives, and visual overlays that help to find the fastest and safest route for off-road driving.
Wheels are far from reaching standard vehicles. DARPA is still in the middle of the second phase of a broader Ground X-Vehicle Technologies program to develop RWT and the other hardware you see here. Thus, the practical applications are more than just plausible and not limited to military applications. While this would be of immediate help to armored vehicles, which need to cover the ground as quickly as possible, it would also be helpful for search and rescue, construction and any other situation where there is a mix of flat roads and merciless landscapes.