As for the best study I could get on the subject, the coating is ceramic in nature and I'm thinking it's on the top side of the piston only. Couple things lead me to that assessment, one, it's there to slow heat absorption down as magnesium doesn't transfer/displace heat near as well as aluminum, so less heat is better. Two, the heat still needs to be transferred to the bore of the cylinder to be cooled off with air, ceramics on the skirts would impede this process. Three, the skirts of the piston shouldn't be harder than the plating of the cylinder and ceramics are very hard, cylinder wear/damage would be the result.
I do not believe this will be the new wave of pistons in the future, but we may see more over bore models made with this being the instrument that allows it to happen and be a feasible production unit. As far as every day saws it's going to be hard to beat good old aluminum for the inherent quality's it has.
Interesting subject though, hopefully we can learn more from a practicality standpoint as time goes on.