I finally caught up to 
From @14:20 till @27:55 one of the lead developer called 
What does MIRA do?
MIRA will significantly reduce the cost of running servers for Steem (the blockchain) by lowering the hardware requirements which will make Steem cheaper to run and will allow more Steemians to run servers, making Steem more decentralised.
Now that is cool!
How does MIRA do this?
It's pretty easy to visual that a Blockchain get's bigger the older it gets. It's a continues chain of data that only grows and never loses data.
This data needs to be stored somewhere so that we can all access it.
It's currently stored in a very expensive component of a computer/server called RAM. Yet, with the blockchain ever growing we need more and more of it increasing the price of the servers.
What MIRA will do is take the data out of RAM and store it on Disk (a much cheaper component) while still maintaining the same performance as before.
The server requirements to run the Steem blockchain will therefor go down, which is pretty much unheard of in the blockchain space!
How will this affect you?
When MIRA is fully implemented in (hopefully) the upcoming months you should notice nothing on the frontends (which is a sort of a annoying thing of backend development, it's always a little underappreciate because there are no visual effects to show it, like a UI update).
But it should feel good to know that Steem is going to be very future proof in terms of scaling and more decentralised because of MIRA making it a great candidate to develop for.
Also the people that develop and run witness servers/full nodes for Steem will see a nice reduction in their bills.
Ow, and one more thing I saw in the edited version of the SMT's release date post here.
Most of the work on SMT's is already completed....mmm...interesting :)
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