I did some work in Badylak's lab (that's pronounced like 'battle-axe lab' heh) as an undergrad back when he was at Purdue. He seemed to be the main guy developing the stuff.

It does promote regeneration of nearby tissue into the shape of the matrix provided. Seven years ago, they'd already made artificial bladders, repaired heart wounds and heart valves in dogs, and it did great work on skin (no hair regrowth though) The biggest problem is that pig bladder and pig intestine ecm is flimsy. You could use it to rebuild someone's aorta if you could get it to just not break in the meantime.... I don't know what progress they've made since then.