There will be full documentation posted next week when a proxy exists so developers (pools and mining software) can work with it. I've been working on this with ArtForz for a few months now, and the only reason nothing is posted yet is we want a working implementation available. It'll be open for any additional features to be suggested as being part of the official specification, though it's unlikely any changes will be needed since this is purely a pool<->miner protocol.
You can message me on IRC and I can go over some details now if you'd like. Hopefully this will get picked up by other pools once we have proof that it works, and that it can scale to ANY speed (at least any speed that wouldn't break the Bitcoin protocol entirely).
I'll be interested in reading a dumbed down version of how it works and how it differs from the current protocol - when the new protocol is up and running and when you have time.
Other pools might make a change if enough miners can see a benefit in the new protocol.