There are two really innovative things about this.
The first is that they have identified their segment very clearly, and just take inventory from 5 top news paper sites in each of the top 5 markets in Europe. They won't tell you precisely where your ads appear, but you know that it won't appear outside this list of 25 sites. This is potentially great for reaching an upmarket audience online.
The second is that they use very innovative technology to target the right ad to the right page. Their ad server produces a word cloud of the page the ad is to appear on, and matches that closely to keywords that you have give AdLogic to help define your campaign. You can also use negative contextual targeting to ensure that ads don't appear in content that you specifically want to avoid.
Building on this, they will produce a word cloud of the top words on the pages where ads that were clicked appear - so in effect identify the sort of content that people were reading when they clicked on the ad. I know that click throughs are certaintly not everything in online marketing, but this is very clever stuff!
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