SureLab is geared toward the market that currently uses traditional chemical processes such as Noritsu. Noritsu sells a dye based printer as well, I think the current is the D703. It most likely uses epson heads and perhaps even epson inks. (I've been out of touch with that part of the business for a couple of years now, but I assume their partnership with Epson is still going).
Epson's claim of "generations" maybe somewhat valid since they are comparing this product to chromogenic prints from these chemical printers, which aren't stellar longevity performers, although proper display and uv protection will yield decent results. Of course the same protection on pigment inkjet also yields better results, so same condition testing and the traditional photo papers won't perform as well. "Generations" seems to imply 40-50 or more years which the chemical prints may be OK under some conditions. (I'm old enough to now have 40 year old prints, most in albums look fine, some of my larger prints look O, others showing more obvious signs of aging).
Here is one of Epson's statements on SureLab.
"Print permanence lasting for generations is based on accelerated testing of prints, on specialty media, displayed indoors in a glass frame or stored in an album. Actual print permanence will vary according to media, printed image, display conditions, light intensity, temperature, humidity and atmospheric conditions. Epson does not guarantee the permanence of prints. For maximum life, prints should be displayed under glass, UV filter or lamination, or properly stored."
However they do not offer the details of those tests nor a source, which implies they did their own testing. The "specialty media" comment is somewhat suspicious so while the product may be competitive with chemical based photo prints, it seems the statement doesn't offer much assurance it is competitive with pigment processes.
That being said, the vast majority of the market ordering prints aren't really concerned with multi hundred year longevity, and this product is designed with them in mind. Most given the choice of inkjet over chemical prints in my little shop will opt for the chemical prints because they are substantially cheaper and usually can get them faster. This process is to compete for that market.