They're calling it Electronic Skins or eSkins. It's a flexible electronic display that works similarly to the e-ink currently used in readers like Amazon's Kindle or Sony's Reader.
The eSkins reflect light rather than emitting it, and can not only produce solid colours, but shapes as well including icons and characters. Like e-ink, the eSkin technology only uses a tiny amount of energy and primarily only when changing state from one colour to another.
A secondary and very intriguing aspect to the eSkin is its ability to become completely transparent, revealing whatever is beneath the area it is covering.
In a similar announcement, Qualcomm has said it is bringing a new factory online to mass produce another display technology known as 'mirasol'. Like eSkins and eInk, mirasol displays make use of reflected light, but unlike the other technologies which have high latencies when switching states, mirasol can switch colours in micro-seconds, making them a strong contender in the video space.