Living on the edges of the Classics world as I do, I've heard of the Oxyrhynchus, but I must say I'd never really appreciated its magnitude. Maybe people despaired of deciphering the papyri, and thus never raised their excitement about it. But this is really amazing news.
I do think that the "second Renaissance" bit is hyperbolic to the point of absurdity. The Dark Age Europeans might have needed the Irish-preserved classics for their own flowering, but we are well past that point. We'll learn a great deal if the corpus lives up to the promise, and I'll be as eager as any to learn from it, but let's not start talking rubbish in our excitement.