Peter Sisco & John Little (both currently write for Ironman magazine) designed the system. I'll try to give you a very brief explaination of the basics. Its a variation of the HIT system (both quote menzer and jones in their writtings). Due to a number of scientific studies on fiber recruitment they concluded that range of motion has absolutely nothing to do with fiber recruitment. Imposed demands (ie the workload over time that you are attempting to lift) are the primary factor in muscle fiber recruitment. It has also been proved that a muscle is capable of recruit more fibers when closer to peak contraction. I know a guy with a doctorate in excersice science who has verified these facts in a long conversation I had with him. In this system of training you only move the weight through the strongest range of motion (4-6 inches, or less of travel), which happens to be near peak contraction. All sets, as well as the entire workout are timed using a stop watch. Weight moved, or better yet force applied, over time which Peter Sisco calls your power factor (measured in ibs per minute) is the method by which you measure increases and decreases in workload. Ideally, your power factor should increase on each lift every time you workout. The system is designed to give you methods to increase it from workout to workout. I'll give you an example. Lets say you do 4 sets of bench press in the power rack (so that you can set your range of motion). You move the wieght through your strongest range of motion, say the top 5 inches of the lockout. You start the stopwatch at zero. With 405 ibs you complete 60 reps at 0:55 on the watch. 2nd set 405 ibs for 40 reps, at 1:45. 3rd set 425 ibs for 35 at 2:30. Your 4th set you get 12 reps with 455 at a final finish time of 3:50. You add up all of the weight & reps. You have moved ibs in 3 minutes 50 seconds. 60835 ibs/ 3.83 minutes = 15884 ibs/min. That would be your current power factor. According to the theory behind this system, once you have generated a given level of intensity when training a given muscle, retraining that muscle again with the same level of intensity will generately minimal increases in size & strength. So if the next time you bench, if you do not increase your power factor beyond 15884 ibs/minute, you have wasted a workout. Really, I don't have room to give a lengthy explaination, so I had to leave the majority of the info out. However, I have tried to give you the most basic of information in order to answer your question.
So... any other power factor trainees out there? I really don't want to turn this into an arguement of the effectiveness of the system, I and several of my friends are experiencing the gains first hand, I simply want to compare notes with others who are currently using it, or who have in the past.