It is interesting that much the same principles affect supercavitation as well:
http://en.wikipedia.org/wiki/Supercavitation
In the case of the Spaceship I suspect the effect is of creating a vacuum instead, but that the forces and effects would be quite similar to air vs liquid in current technologies; including the problem of implosion. Using such a technology you could effectively enter the atmosphere without dropping speed, or burning up, then there are added advantages for entry into liquids; like space->atmosphere->sea. However, I don't think the energy could be effectively released to allow travel directly into the ground via creating magma
[They have phasing technologies for those cases anyway.]