Frequency range is one over distance (modified with some function depending on the details of the detector). That is the main argument for space-based detectors: you get in the frequency range of orbiting bodies. eLISA has a sensitivity in the range of 1 mHz to 1 Hz (https://www.elisascience.org/articles/elisa-mission/sensitivity), that would give this approach access to 0.01 to 10 mHz, or cycle times of three hours to a minute. This is well in agreement with the 8 light-minutes of separation, as expected. They seem to be a bit more conservative, limiting the frequency range to < 1 mHz to avoid having more than half a wavelength between the spacecraft s.
A very interesting approach. Cheaper? We'll have to see. You still have to measure the arrival times of light signals with an uncertainty significantly below the frequency of the light (and they propose an interferometer...). I would expect you still need the extremely drag-free test masses to keep control of the expected path over the timescale of hours. The proposed 10 kW laser is massive. They compare the power requirement to the ISS!
I think the idea is too new for sensitivity estimates, those will need a more detailed design.