Conventional video is still available, of course, and you can download videos at their full quality (when eligible) if you want to share them or don't have the bandwidth to stream them smoothly. Vimeo is also promising HDR for more video standards (such as VP9 and AV1), so don't despair if you're relegated to "just" standard dynamic range.

This won't necessarily make a difference in your day-to-day viewing unless your favorite internet video producers upload to Vimeo. With that said, this could be important if you're the one producing videos. You now have another place to upload video at extremely high quality, and it will be viewable on more devices. Moreover, this gives filmmakers an easy way to sell these videos and otherwise put their best foot forward.