This would be fun to play with, but for most aquariums I don't think it'd be very practical.
#1. The turbidity is fairly low and there just isn't that much solid material in the water.
#2. There's some pretty advanced fluid engineering going on here and you'd have a hard time making it work right.
From what I know (cyclone separators in industrial air emission control systems), there are 2 cyclones inside the chamber. One cyclone spinning down the outside walls and one going back up the center. The diameter of the cone, the angle of the wall taper, the size of the side inlet and the diameter of the top outlet all need to be calculated for this thing to work right.
Also, this system is highly dependent on flow rates: If your flow is too high, you'll re-entrain the debris back into the stream and your cyclone will be useless. On the other hand, if the flow is too slow, the debris won't be 'spun out' ... It will just flow right to the outlet (again rendering the cyclone useless).
I personally wouldn't try it, but if you do, be sure to post pics!