Maybe could find its way into applications where we need high throughput and we can easily get stable LOS.
I'm not saying that non-LOS is guaranteed by any means. But LOS isn't strictly required for this scheme to work. If only one light bulb out of 100 in a room is Li-Fi enabled it's going to be tough. If all three light bulbs in a room are Li-Fi enabled there's definitely hope.
The proportion of non-Li-Fi lightings to Li-Fi lighting is probably going to determine your SNR and thus your feasibility. Trying to make Li-Fi work with a 100 lumen bulb in direct sunlight is going to be a bad time since the sensor only has so much dynamic range. But if you increase the power of your light to be within an order of magnitude or two of the sunlight, you've got a fighting chance.
1. You need to maintain line-of-sight with the receiver on your receiving device, and the transmitter. No, you can't turn around with your cellphone in your hand.
2. Interference potential is high due to environmental other lights, reflective surfaces, etc.
3. The camera in the receive won't be particularly cheap.