The basic technology has been around for quite a while. A similar solenoid system drives the keys on modern player pianos. The accuracy of the technology is quite amazing.
Keeping the system cool enough to operate is probably one of the bigger problems as electro-magnets and the plunger magnet operate differently at higher temperatures. If they can get it to work consistently and reliably then it is a definite winner, allowing as much tuning of the cam position and duration as there is for ignition timing and fuel/air mixture.