It all depends on development, potential alone is not enough so he will need to be coached, and coached properly but if you were to count the good things about him is that he has an unbelievable amount of confidence for a 19 year old playing for Real Madrid. The time where he will be truly tested will come, because Real Madrid do burn player and burn them beyond recovery I am afraid. If he makes it though, you cannot doubt that he will be unplayable, with his height, ball technique, and his tackling he is quite something. He does have a bit of flair for a defender too which is always welcome. His eye for goal is also an awesome attribute and if he were to play next to Ramos we'd have three goal scoring defenders.
He is far from proven, and his reliability is unknown but having him in our team definitely is exciting for me. He has been involved in a mistake that cost us a goal, so this video may show that he is ridiculously amazing but he is not, not yet anyway. What I like about him is that he needs little guidance, he is self driven, something Pique lacks but how much of a big game player is he? We will see, but I would not bet money against him.
My only concern is, what type of defender is he? A sweeper or a charger? What made Pique absolutely phenomenal was the same reason Marquez was phenomenal, both played sweeper to a charger, complimented puyol perfectly. If Varane is a sweeper, which I believe he is with his speed and reading of the game, then we would have a winning center back partnership for sure, for at least the next 6-7 years. If he plays and commits like Ramos, then we would be in trouble, because they both like to charge.
Another point I would slightly be concerned about his decision making skills, he likes to tackle, drop in and push the ball away, I'd like to see him get comfortable dispossessing his opponent standing up, because they would give him the chance to distribute the ball after wards, something shockingly good for someone his age.