I was wondering if anyone has heard anything about a Hub contained Transmission system that replaces the rear derailler/cogset with a hub mounted transmission.

I think it's primary focus is for Downhill rigs.

Thanks

I think you are talking about an internal hub by the Rohloff company. They are awesome "14-speed!" internal hubs. They are expensive though costing around $700 I think. YOu can get them in road, mtb, downhill, and other versions. Check out http://www.sheldonbrown.com for details. Goto the internal hubs page.