If the research conducted by a Canadian and German team proves valid, scientists will have made an enormous leap by creating a room temperature superconductor with highly compressed Silane, SiH4. Superconductors can transmit electricity with miniscule resistance thus reducing energy loss. Since electric current generates magnetic fields, superconductors are required to generate enormously strong and sustained magnetic fields. MRI machines and the Large Hadron Collider at Geneve, Suisse are examples of the application of superconductors, but require expensive cooling.
A significant application of cheap superconductivity would be magnetic levitation.
*Update - I have been informed by an astronomer that the pressures required to acheive this (in the gigaPascals or millions of Atmospheres) are far in excess of anything we could engineer for industrial purposes, and are akin to the pressures existing at the center of Jupiter where hydrogen is metalic. We will have to keep waiting for cheap, practical room temperature superconductors.