If I'm not mistaken this doesn't appear to be a catalyst. The reaction is driven by the irreversible formation of a strong P=O double bond, and the reagents are consumed. So great for chemical synthesis, but no clear path to fuel cell type reactions.
I did not look at the source paper before posting, but the paper makes it clear you're right.
However, the Wikipedia page titled "Phosphine Oxide" states that reduction of the oxide back to its original state is straightforwardly done with cheap reagents.
