This release relates to subdivision surfaces, which provides a way of modelling smooth organic surfaces while dealing with an easier to work with lower resolution polygon cage.
This library is mostly of interest to users of Renderman who need to match the Renderman subd implementation so they can create tools which position geometry on a subd rendered in Renderman.
This is purely subjective and opinion, but it's hard to qualify something as Pixar-quality based on looks alone. Supplemental to the aesthetics and animation of a Pixar movie are the stories, characters, themes and tones woven into the aesthetics.
This is fully on my want list. The only thing that would make me happier than this, is if I could feed all the comics I love into the VALVE/PIXAR machine, and cartoons would come out the other side.