I was under the impression that such systems are already in place... 
How come its not there Anwar Gi since GPS give you a more accurate 3D location 

'False alarms' are the biggest challenge to overcome while flying. I hope this system will overcome....

Yes. TCAS. They seem to have improved that further.
http://en.wikipedia.org/wiki/Traffic_collision_avoidance_system

I couldn't understand something. If you read the second and the third paragraph under the puckish predictions, it says,
"The hockey puck that corresponds to the moderate alert is larger and fluctuates according to planes’ trajectories.

For instance, if two planes are headed in the same direction, their moderate-alert hockey pucks are relatively small; but if they’re headed toward each other, their hockey pucks are larger, since they’ll have much less time to react to an impending collision."

The first statement says that "the hockey puck that corresponds to moderate alert is larger", while the second statement says that "their moderate-alert hockey pucks are relatively small". Don't these two statements contradict each other or am I overlooking something. The second statement however makes sense.

That’s very interesting and informative, thanks.. Ujjwaana