I am well aware of this project and have read most of the available literature so far published or made available on their website. I remain unconvinced but I hope that this work will continue and allow science to provide the answer.
Here are the reasons why I believe that this suggestive theory leaves me unconvinced:
An apocalyptic event of such magnitude to have raised the two suggested islands of Kefallonia cannot pass unrecorded. Even if the means of writing were absent, the oral tradition would have been passed on just as that of the War of Troy was passed on orally for some 450 to 600 years after the event. It is instructive to mention here that though unproven we do have some references to the sinking of the legendary island of Atlantis; even Plato provides a written account of this event. Thus it is reasonable to expect that some reference should be found on an opposite event, viz. that some cataclysmic event caused the two hypothesized parts of Kefallonia to rise from the sea and become one.
Ascribing this catastrophic phenomenon to the gap period between 1500 B.C. and 1250 B.C. (some texts prefer the gap extended to the period 1500 B.C. to 1200 B.C.) is attractive but unlikely as the epicentre of such phenomenon was centred on the island of Crete and could not have possibly affected the island of Kefallonia (480 miles from Crete) when even Mycaene (200 miles from Crete) was not affected. If we shift the epicentre to the island of Santorini, which is the most likely, the case for Kefallonia becomes even weaker.
If such apocalyptic event took place it must pre-date the period of the Minoan Civilization, but if that was to be so then what Odysseus stated was false. This hypothesis must therefore be discarded.
If such an event had taken place after the War of Troy, then we would reasonably expect to have had some form of record, oral or written. But we have none from the whole body of philosophers, poets and historians right up to the time when Greece came under the sphere and control of Rome.
Not even from the Roman historians and geographers do we have any possible reference or hint to such an event; and some of them were Greek and wrote, preferentially, in Greek even if they lived in Rome and knew Latin fluently.
Now, the absence of even a single reference to such apocalyptic event in the Roman Literature implies that the event was not at all known hence we would have some record of it. This is a most important statement with profound significance because without the Roman government and its judicial apparatus the coming of Jesus Chist would be legend; whereas we know it as a fact because it is recorded in the judicial reports of the Roman apparatus and its extant records.
A reasonable explanation of the catastrophic event that led to the fall of the Minoan civilization can be linked to the volcanic eruption on the island of Santorini. This eruption would have been preceded by a powerful earthquake which, in turn, caused a destructive tidal wave. Or, if the tidal wave was not caused by the earthquake it would have been caused by the implosion of the crater on the island itself. Tidal waves are also known to be directional hence the energy levels associated with the resulting tidal wave will not be uniform, but follow the standard energy levels associated with a vectored wave motion. This would expain why, for example, the megalithic gate of Micaenae survived.