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The basics of this are not much has really changed "except" for the fact that there is a more enhanced version of semantic search at play in local results, that is the HUGE part (well along with an official word from Google about a local update). Google has always sought to identify and relate an entity to the meaning of words, phrases, and concepts. This is awesome for those who optimize for humans versus just search.
Also,
This statement alone is huge for those of us who felt that name stuffing was granting an unfair advantage. I believe it means that local is getting the treatment that organic had applied and that maybe keyword stuffing will not be as effective someday soon.
Also,
The use of neural matching means that Google can do a better job going beyond the exact words in business name or description to understand conceptually how it might be related to the words searchers use and their intents...
This statement alone is huge for those of us who felt that name stuffing was granting an unfair advantage. I believe it means that local is getting the treatment that organic had applied and that maybe keyword stuffing will not be as effective someday soon.