It’s unclear how this is better than OLED, which doesn’t involve backlighting at all.
It could be the difference between emissive and ambient/reflective light. OLED is still emissive. It sounds like this is not 100% emissive, and leverages ambient/reflective light.
Is it different from other transflective LCDs? That wasn’t clear either.
The Gameboys already had this. Wish I had a phone or PC with those screens...