Based on the same properties that make a butterfly’s wings shimmer iridescently, the panel requires no backlighting and in fact performs better in stronger ambient light.
If that doesn't make it sound high tech (iridescent shimmering) - what does? Qualcomm claims battery life of similarly equipped eReaders would increase by about 20% - not bad for adding color and a faster screen update rate. Current prototypes are 5.7 inches and run 1024x768 placing it in the realm of existing readers from Amazon (DX not included), Barnes and Noble and Sony.
Qualcomm themselves have a fairly interesting page up on the technology.

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