The neologisms are important because he's making the point that standard language and academic predispositions don't come close to being able to grasp what's going on in the music, that the music forces new ways of thinking and speaking about itself.
I got the feeling this is what he is trying to do, I'm just not convinced the way to do this is to just smash words together. It's a bit pretentious. Futurhythmachine? Seriously?