Shocking, yes, but the “vapor chamber system” at its heart, which they contend will knock off about seven decibels (compared to the GTX 480) does sound slightly cool (obnoxious pun!).
Within the sealed cooling chamber, you see, water will be boiled by a copper plate, and will in turn force a heat transfer from the hot components (which are also cooled by the fan). Once cooled, the water is then recycled back to the copper plate so it can do its thing again. A nice little enclosed cooling system that promises quieter performance.
As Rumorpedia reports, the GPU is still unnamed and mysterious, but it does exist. Release dates, pricing, all that? Unnamed as well. Just some leaked slides, available for viewing in the source link that follows. [Rumorpedia via Engadget]