From the description it looks like it's just an infrared projector. You aim the light at the chip to desolder it, then use the stensils to re-apply the solder balls, then re-solder the chip onto them.
Definitely a money maker. I've seen the lots of broken XB360s for sale on eBay. If you could take the time to fix them all you would make a pretty penny.
I need one of those machines!!! I've fixed my console 3 times the normal way and each time it came back.
