Just saw this at Competitive...
That funny looking layer of honeycomb matter that runs beneath the outer shell and more traditional EPS foam is what Smith calls Koroyd. It's made of thousands of tiny, extruded co-polymer tubes that absorb impact but have a fenestrated surface that allows for a level of breathability impossible to achieve with solid EPS foam while absorbing a claimed 30% more energy. Plus, it's pretty cool looking, especially in Smith's mix of contrasting and complementary color schemes.
Really interesting product. Now I want one.
-Tim-