This feature impacts schools at a number of levels. While I don't think it will allow schools to ditch the filtering on the school network, I think it will allow some relaxation of policy.
For schools that have disabled Safari in favour of some janky third-party filtered browser, it's now feasible to allow Safari again. Similarly, schools which have implemented policies banning apps with embedded web views, that policy too can be relaxed since the filtering applies there too.
Another big benefit for schools with iPad take-home programmes is that the devices are now filtered on any network. This is important as it allows the school to provide some protection at home, at friends' houses, on public wifi hotspots and on 3G tethering networks.
This is a great additions to iOS. I get this question often from our school families. Other than a terrible third-party browser, I had no real solution for home users. While I am sure the filtering isn't perfect (what filter is?), it is better than nothing.
To enable: Go To Settings > Restrictions > Allowed Content > Websites > Limit Adult Content. Make sure your kids don't know the restrictions passcode for the device or they can easily change the setting back. This works on iPhones, iPads, and the most recent iPod Touch running iOS 7. It will also work even if a device is on a 3G/4G/LTE connection.