Indeed Version 3 was well explained in MBA magazine. I was amazed how simple and efficient the design is. Even more amazed that nobody thought of that until now.
The only problem: it is limited to 8-9 gears.
So the question is, could this technology make its way to all mountain or even XC biking? Maybe, but somebody has to find a way to put a derailleur on the drive side and keep the sprockets "floating" to keep the short chain alligned. Clearly the derailleur has to float also! I bet it is a matter of time before they nail this.