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So one difference between Cataphractii armor and regular Terminator armor is that Cataphractii armor has the slow and purposeful special rule.

In the BRB, there is a distinction. Slow and purposeful clearly states that if at least one model has the slow and purposeful rule, the unit has can move and fire heavy and salvo weapons as if they did not move.

The new Space Marine book contains a listing for Terminator Captains, and that Captain can choose Cataphractii armor.

So technically you can place one of these models in a unit and move 6" a turn and fire heavy and salvo weapons or deep strike them and fire at BS4.

I am kind of amused by the idea of gravcannon/multi-melta devs that can deep strike/move 6" and then fire at BS with one of these Captains in the unit.

Yup, just remember the unit gives up overwatch to do so.

Orks have had this ability all of 7th edition with some of their ICs. It basically turns devs into 1 wound centurions with a worse armor save.

More importantly, you can take Grav devs in a gladius and they have access to their own pod without requiring allies. Plus they get more shots for cheaper since they're "only" 49 ppm with the grav cannon (plus another 14 for sargent bullet catcher and have 33% more shots.

Double bonus for giving the captain a stormshield.

The option to simply leave them next turn after they don't have to move also means that they're basically all the good points of skyhammer without the ASM tax (though the ASM have their moments, those boys can do some serious work on occasion) and they then regain their ability to overwatch.

Don't forget to give your model the Ignores Cover relic!

The only place I could see really wanting them was on multi melta Devs outside of a Skyhammer, so they can get into melts range and then shoot, rather than having to wait/snap fire.

Centurions really are better than Grav Devs outside of a Skyhammer for toting Gravs around.

Probably not a viable tactic due to extreme points cost, but now that you can take both C:SM and iron hands relics in the same detachment you can make a new variation of Smashfether if I'm understanding the rules correctly, trading the T5 of a bike for rerolling "1"s on invulnerable saves, (could also have gorgons chain, primarch's wrath and burning blade on same models for a silly amount of points or even a second smasher using the shield eternal).
Personally I think the bike is more effective than cataphractii armour but I think it I'd take the armour for the looks along side storm shield/melta bomb/ grav gun command squad as some Medusan immortals 40k style, 3++ 3+Fnp in a fists of medusa strike force ain't too shabby.