I really hope TouchID isn't missing completely. There's no way this is better, nor does it look like it can be faster what so ever. Plus, it seems like more of a battery drain having to "run" the camera to check.
I've got Windows Hello facial recognition on my HP and it does work very well but there are numerous occasions it doesn't work. Like if you have a strong backlight like, say a window behind you. Or outdoors. It's also slower than a fingerprint reader. Good for a laptop or even a desktop but garbage for a phone.
Methinks Apple is grasping at straws if this is true.