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Its pretty cool, but I bet there are several reasons it has not taken off. Not to be a debby downer but the amount of energy (CO2 emissions from a power plant) needed to boil the plastic likely exceed the amount of fuel created. Still cool though.
You may think you are recycling but half the time your not. Depending on the price of oil and several other factors it is sometimes cheaper for a plant to make fresh plastic instead of recycled. When that happens your "recycling" gets shredded and put in a landfill.
Is it really that simple? gaseous plastic = oil? There must be more to it...but this is the start of something very good...I want to look further into this.