I'd like some more details; they must be doing something very novel if they are eliminating the inductor. If you just build a traditional switching converter with a capacitor instead of an inductor, you end up with less than 50% efficiency.
This article is really light on detail. A quick search of DSpace, MIT's paper/thesis repository, brings up the following paper from Giuliano in 2009:<p>"Fully monolithic cellular buck converter design for 3-D power delivery"
<a href="http://dspace.mit.edu/handle/1721.1/61350" rel="nofollow">http://dspace.mit.edu/handle/1721.1/61350</a><p>It's not clear that it's what they're trying to productize, but it's likely at least related.