I think that was the entire point for Google to release it.
We don't know yet how is going to work but we hope it will.

There are few questions that needs to be answered but wait and see.

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"I mean if I'm hosted in the USA on a .com but select Ireland, it is possible to show up in PFI?"

Looks like it, though you may need to show a G map supported physical presence here, it's brand new and details are still sketchy....

"My main concern for this is that if its a .co.uk and hosted in the UK then its .com (american basically) rankings would be hurt."

The US G.com is as regionalised as G.ie so I wouldn't target the US with a ccTLD even if hosted in the US, rationale being that ccTLDs wouldn't turn up in PFI even with an Irish IP.

"..site hosted in the UK and with a co.uk will provide more of a regional skew boost.."

AFAIK there's been no sign of that so far though quite a few favour that belt and braces approach anyway.

"Why do people think I've changed my keywords lately? "

Usen't you target internet marketing rather than SEO?