Fun visualisation, but I don't see that one as being particularly useful (what does it really represent?)
As someone who has looked through many different types of files in doing quite a bit of RE, I've become able to separate out different types of data just by the "feel" of how it looks in a text editor; Z80 and 6502 code, x86, MIPS, ARM, bitmap images, and compressed data all have different "textures" to them.
I like the 3D visualization at http://binwalk.org/wp-content/uploads/2013/12/avr32_3d.gif
What might perhaps also be interesting, is to create a plugin for binwalk that compares the firmware with other firmware binaries.