Reading this I also have the feeling that this is just a combination of existing OP codes or a script that can be done using existing ones (OP_CHECKLOCKTIMEVERIFY and OP_IF).
I also disliked the unvaulting process where you have to send the "vaulted" coins to a new special output to be "unvaulted" before you can spend them normally. In other words it requires 2 transactions to spend a vaulted coin.