First off, it should be said, that this isn't exactly a new idea. There's already a European circuit for armed combat/MMA hybrid fighting started by the Polish group Polska Liga Walk Rycerskich (or the Polish League of Knighly Battle). They have a more Renaissance bent to their fighting, but the principal is the same. Even down to the incorporation of some kicks and knees. You can check out a video of it here. But, beyond that, if the actual product looks anything like the promo, Unified Weapons Master is certainly looking to up the ante.
They've gotten rid of the restrictions of using "classic" armament and if they have the investment to really make high quality, full-body armor they should be able to produce something much more dynamic and fluid in visual presentation. The focus on a broader range of weapons is a new twist as well and would allow for the incorporation of a lot more traditional martial arts styling. Of course, if their modern body armor isn't quite up to scratch things could go south in a hurry. And given Australia's already contentious relationship with MMA, it may not take much to push this kind of fighting out of production.
No matter the long term prospects, I'll certainly be keeping my eyes and ears open for the first event, as it should be fascinating to see what kind of talent they can recruit and what kind of production they can mount. So, stay tuned as we'll have updates as soon as they're available.