This is not even close to an artificial pancreas, for a number of reasons. Firstly, infusing insulin under the skin as we do is not how the body secretes it. That is why it takes so long for it to start working and why it sticks around doing its thing for much longer relative to insulin in a non-diabetic human that is secreted by the beta cells. Second, the Medtronic CGMS is nice, but it does not measure whole blood glucose like a pancreas’ beta cells do. It is not adequate for determining insulin dosages all on its own. Finally, it lacks the ability to infuse glucagon to raise blood glucose, and amylin to control appetite and modulate digestion- both of these hormones are products of the beta cells and we Type 1s lack endogenous production of them, along with insulin of course.
SmartInsulin looks extremely promising, as does the Diabecell product by Living Cell Technologies. My money is on LCT coming through first though, considering they have cured two Type 1s in their trials so far.