This is fantastic news as long as ROL and CTL follow through with it. Jack Lillingston seemed to imply at the show that the ball was very much in ROL's court at the moment (whether that acutally is the case or not I don't know) so to see them get as far as a semi-public preview of 32-bit Select on the Iyonix is extremely encouraging.
The question then is what will happen to RO5 if Select32 is completely converted to run on Iyonix? I can't imagine Castle would just dump it after all the work that's been done on it. Real merging of features also needs to take place and so far we still haven't seen any co-operation on this kind of level.