It's a powerful (same chip as beaglebone black) ARM computer with WiFi, BLE and ZigBee radios. Runs ubuntu. Everything open source. Almost all Node.JS.
It uses open source drivers to connect to devices and learns how they operate, building a model. If something is out of place, it notifies you and gives you context aware control. For example if nobody is at home and the heater is on, it will alert the last person to leave and give them the option to turn it off.
Key new tech is positioning with little USB powered dongles placed around your house and Leap-motion style (but simpler, no 3d hands) gestures for controlling lights, temp, etc.
Everything the NinjaBlock did, but all built-in (no more dongles for wifi etc).
Hope that clarifies a bit!