And the result that it's now false apparently doesn't imply NP!=EXPTIME either since it seems not strongly subexponential enough to offset the expansion in variables from reductions. See the other comments for a much better explanation.]
It's a bit more complicated than that, if you want to be careful. Sorting is in both NP and EXP and can be solved in subexponential time.
I think what they proved is that no problem in NP takes exponential time to solve. (Because you can always reduce them to SAT in polynomial time, and then solve SAT in subexponential time.)
EDIT: apparently the runtime bounds they gave here don't survive the usual polynomial reductions, thus they haven't proven that NP != EXP, it seems.
This means hard problems aren't as hard as we thought, and it's still possible P=NP. If it turns out to be true P=NP, we're a little closer to that. (I hope P!=NP!)
Every paper which assumes ETH is true might now have their conclusions be disproven.
Also for NP problems that can't linear reduce to kSAT just having the knowledge that SAT is sub-exponential (and the tools), makes it a lot more likely that we see a whole lot more problems become exponential.
Note https://news.ycombinator.com/item?id=50253213 which explains it better.
strong exponential time hypothesis, and the titular exponential time hypothesis
It's not saying that these problems are easy, but it does demonstrate that they are much easier than previously believed. A decade ago if a human had published this kind of thing, and importantly if it held up, they would be almost certainly a strong candidate for some sort of award(s).
Note https://news.ycombinator.com/item?id=50253213 which explains it better.
In a way it shows that NP is perhaps less distant from P than imagined. Whether it can be _reduced_ to P in some gigabrain way, or whether that can be shown to be impossible remains to be seen.
It is definitely progress towards an answer to P ?= NP.
Note https://news.ycombinator.com/item?id=50253213 which explains it better.
It's conceivable that each of them is smaller than the next, but also that e.g. P < NP = all the sigmas < PSPACE < EXPTIME or many other possibilities. I think the general consensus is that it's more likely that there are more inequalities than not, but the fact is that we can't even show that P is less than PSPACE so far, which would be extraordinarily surprising if it were true.
Note https://news.ycombinator.com/item?id=50253213 which explains it better.
Still, an impressive accomplishment.