The program is called "Coasting." It is backed by Shimano and will only available on bikes sold by Giant, Raleigh, and Trek this year. It is supposed to be revolutionary.
What struck a chord with me a quip from Sheldon Brown describing the program as "a wrong-headed exercise in form over function."
The more I learn about these bikes the more the purist in me agrees.
But... there's nothing wrong with form over function if the bikes enable non-cyclists to ride their bikes and feel comfortable and good about it. They sound like cool bikes with automatic power sensitive internal freehub.
Here's a photo of a cosmetic gizmo that looks like a chain-guard, but somehow isn't.
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photo courtesy of bikeportland.org