It wouldn't have SEO implications because using javascript to load content isn't considered cloaking. (Cloaking is where you present something different to googlebot vs. a live user). It's well known that googlebot does run javascript now:
Yep. I've seen that (and I've seen evidence googlebot executing javascript in my own logfiles).
BUT - If I have a client relying on SEO/organic ranking for their money right now, there's no way I'd be suggesting they move to a "html template with javascript loaded content" style site - not until I've seen a few other similar/competitor sites ranking well with those techniques.
In the blog post it mentioned that is uses node.js to render server side if the templates can't be rendered client side. I'm more interested in how they are able to determine that at load time.
https://twitter.com/#!/mattcutts/status/131425949597179904
There's also some speculation that googlebot actually runs Chrome and can render anything that Chrome does:
http://ipullrank.com/googlebot-is-chrome/