This is really nice. you can edit the points on the surface of a subdivided mesh, and not just the cage, it boasts a gigantic speed increase over traditional turbosmooth or meshsmooth. and another cool little feature is the ability to select loops on irregular meshes, its really smart in doing this, you can look at the shots.. get the demo now!!!!
http://gruesome-arts.com/rapidsd_gen.html
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The down sides, besides no editing abilities, is that it has to be an edit poly, no modifiers on top, so symetry and stuff doesn't work. BUT on his page he claims the full version will have built in symetry and all the edit poly tools exposed. This is probably the coolest thing I've seen for high poly modeling in any program yet.
oh yeah and the loop selecting functionality sets a new standard.
here are some neat shots..
Sounds similar to PolySpeed...
http://forums.cgsociety.org/showthread.php?t=162244
http://www.fusion-wave.com/forum/