It's a good idea and I'm all for it, I'm fully in agreement with what you say about the sheer amount of terror that an animal must feel whilst waiting 'on death row'. Certainly the amount of hormones that are released into the animals bloodstream during that time cannot make the meat that good for human consumption either, but that's a contentious matter.
The primary concern I have about the idea of the farm in this article is whether it can be done on the vast enough scale that is required for the meat market, if it cannot then it may be a stillborn idea. However, if a way can be found to make it financially viable then the likelihood of it being adopted on a wider scale increases. Again, this is not me speaking as someone who is concerned primarily on the economics of the situation rather than the welfare of the animal, but as someone who has seen many good intentioned ideas be buried under economic realism.
Either which way, I hope that this is something that does catch on but time will tell.