It is an enclosed pumpless liquid cooling system. The liquid, 134a refrigerant heats up to the boiling point and bubbles up. The tubes are set so when it boils, the liquid gets forced upwards. It then hits the radiator fins, cools and drains back down.

You may notice the asymmetrical design, this is so the liquid moves in the right path. There is a small fan running at a low speed for sub-30db operation, and a passive version as well. The whole unit is sealed, has no moving parts, and weighs in at 220g without the fan.

It will work in a vertical or horizontal orientation, but not upside down. A single cooler will dissipate 130W, enough for any stock CPU on the market. There will be clips for AMD and Intel CPUs, each one has the same cooler but a different surround to clip into the mobo with. It is so light that the NoiseLimit cooler does not need a backplate.
There is an OEM version sold through Noiselimit themselves, and Akasa will sell the unit in the retail market at around $50-60MSRP. The retail units will be tarted up a little, better looking than the OEM versions.
There is an appeal to a light, not horribly expensive, totally passive cooling setup that can dissipate that much wattage. The technology is quite novel, and hopefully we will see more configurations of it soon. ยต