We (Other Airlines) will be watching this with great interest.
I spent some time on our ALPA safety committee and did some research into fatigue and attended a NASA sponsored seminar. The success of this waiver will depend on the rest in between duty periods and the rotation of schedules. Flag rules address some of this type of flying. FAR 121.481 says that you will get 18 hours of rest if you have flown more than 8 hours in any 24 hour period. That is a good guideline. Anything less than 18 hours would not give your body a chance to recover and give you time to commute home (driving or flying), eat, rest and attend to anything you may need to do at home.
Also, I don't know what limts you have on back side of the clock flying. If you try to do an OAK turn or SEA turn starting at 8 pm (EST) and returning at 8 am you will run into serious fatigue issues. We have an 11 hour duty limit for back side of the clock flying. We also have a rule that if you fly through your circadian low (3 to 5 am home base time) you cannot operate another leg after you land. The only exception is for wx diversions and you can still cancel for fatgue if you need to. I've done a couple of those diversions and we were wasted after the flight.
Fatigue is an insideous thing. You generally cannot tell your personal level of fatigue. It's kind of like drinking, the effects sneak up on you and you need an outside observer to determine your level of effectiveness.
Hopefully JetBlue is doing this study on a scientific basis and has independent observers to quantify the results. Just because the faa signs the waiver doesn't mean that it is safe, just politically correct.