The Technology
Henrik Olsen's diagram explains the principle clearly: It is a closed circuit as we know it from water cooling or compressor cooling, and essentially contains the same vital parts as the other technologies. As in water cooling, the liquid is heated by the processor and transported to the condenser where it is cooled by a fan.
As in compressor cooling, a certain amount of heat exchange in SilentFlux is also achieved through a phase shift from a fluid to a gas form. The difference in temperature between the different phases is just not greater than that the gas turns into liquid again purely because of the cooling in the condenser/radiator. And so we don't need the compressor. ;-)
The really smart thing is the way that the liquid is swung around in the system. The air bubbles that result from the boiling also force the non-evaporated liquid round the system, and in this way achieve is a pump effect, without any moving parts. My guess is that the relationship between the size of the bubbles produced and the diameter of the pipes is an important aspect, in that it would obviously be most effective if the air bubbles cover the entire diameter of the pipe.
Noise Limit calls it a "bubble pump".
Noise Limit, after its own admission, has many factors that it can optimize to achieve the optimal relation, and there is still room for further development.