This is in the January 2008 copy of Stage Directions, no mention of it on the Altman website. Essentially it's a RGBA LED cyc unit that uses a reflector to indirectly light a cyc, thus allowing for more even washes.
Now this is what I've been waiting for, but I don't believe that they'll be able to match 500W T-3 groundcell units. But if they can, I will be very impressed. Also, if they can, the price is going to be rather prohibitive for most theatres.