Yeah, it's still a 7-wide VLIW like the Efficeon but it also has a unit to run native arm code in hardware emulation at a lower IPC for code that hasn't been translated. The idea is to run code that's only used once in hardware emulation but to recompile all the hot code to native VLIW execution.
Good to hear that idea's still kicking around though. Diversity in CPU design is a good thing!