This uses voxel technology if I remember correctly. It's been known for quite some time but it won't be a viable solution for a while. If I remember correctly current Graphics cards in the PC sector render polygons. You would have to make a new line of GPU's to take advantage of this new approach as all existing tech doesn't really do it. Which is why they have to do it on the processor.
EDIT: Yup to clarify this technology is using voxels. Which in all honesty has been around for quite some time. Hell Crysis 2 uses voxels for some of the terrain and other things. You can mess with the voxel tool in the SB3 editor for Crysis 2 on PC.
EDIT2: Also voxels can use the GPU for rendering but again it's still a relatively new technology because the whole scene has to be stored and streamed from the HDD. So it's nowhere near ready for a whole game to be designed around it. Crysis 2 for instance only uses it on some of the terrain if I recall correctly. It doesn't use it through the entire level.