@lpd You can apply the algorithm to the 1080p original. In that case you would get a 4K ultra high definition video. I would expect it would be about as accurate to the true 4K film (if it were ever released) as the 1080p upscale is to the true original 1080p transfer, provided the 1080p transfer is of good enough quality.
I guess once the powers that be decide to give us the blu ray's of the theatrical editions, this is the next project in line: a 4K upscale for those of us with a UHD TV.
The great thing is that anyone can try it for themselves, and it's done in a few hours. The infognition software has a free demo for 30 days with full functionality.