I'm not sure how practical the design is, but it's interesting.
The basic idea is that it's a traditional (non-sidebar) wafer lock that uses SmartKey-like wafers, but instead of being rekeyed through the keyway the lock biting is set by dialing in a combination with Sesame-like dials.

The dials interlock with the ridges on the sides of the wafers, and are used to directly set the wafer height.

I'm still scratching my head a bit over what happens to disconnect the wafers from the combination dials when you insert a key... and it seems like it would be a pain to have to strip the lock apart to change the combination (relative to the other user-rekeyable designs that have been coming out lately). However, even if it's not an entirely practical design, it's still an interesting idea.