It means a lot. The Tesla Model S (a reasonable sedan) needs 85kwh to reach a 300+ mile range, and the drivetrain is probably about as efficient as electric cars will ever be. So realistically, we need 85-100kwh of power on board a reasonable car.

A single gallon of gasoline is ~33kwh of power. At 30mpg (easy for a sedan), 10 gallons (330kwh) is sufficient for a 300 mile range. So the Tesla is ~4 times as energy efficient as internal combustion, and unlikely to get any better.