Just how could we take advantage of the new 3D LUT capabilities to simulate paper? Do we really don't need this gadget?!
One application that comes to my mind is video editing. Being able to emulate sRGB resp. REC709 on a wide gamut monitor is very helpful here.
As to papers I think it highly depends on the papers/profiles and I guess it won't work out of the box. Further tweaking will be needed especially if the papers contain optical brighteners (which not only affect the white point but also the differentiation in highlights and deep blacks). Have not yet tried to emulate a paper profile on my monitor, though. Simply as my setup works very good with softproofing. So, again, I'm just guessing.
Maybe the emulation of paper profiles are more interessting when working with a dual monitor setup ... ?