Take a look at Volante's page. Good info here. It's not hype. A number of yacht builder's have adapted. Many years ago, I conducted extensive research into reflex impeller and stator blades for the Navy. The benefits are numerous...
http://www.compositecarbonfiberprop.com/
Beyond the obvious, i.e., replaceable blades, reduced weight, reduced vibration, anti-fouling properties... if the right prop is chosen for load and RPM (and it is properly designed) it will offer performance and efficiency gains. This is a by-product of blade flex, not reduced cross section or less weight.
There are *true* carbon fiber props. I can't comment on the impact resistance of these props. No experience with 'em.
Then, there are nylon re-inforced graphite composites that generally offer good impact resistance and increased blade flex. Again, if the right blade thickness, shape, sectioning and durometer are chosen, these props have merit. Their application isn't for every craft. They may be well-suited for yachts, based on the speed and RPM's used in this environment, but they're not the right choice for hi-speed, surfacing apps.