I just reread the patent. I apparently misunderstood a good chunk of the way it's supposed to work.
It appears that this device functions similar to the PS2: It can resend geometry without transforming vertices again, but geometry still has to be sent through triangle setup (with frustrum culling/clipping and all). A mistake IMHO.
Also there doesn't seem to be support for multi-texturing (or loop-back), another mistake IMHO.
They probably leveraged a good deal of this from the PS2 design.
Seems very much to be a capacity and not a capability device.
MBX is far more promising (again IMHO)
Cheers
Gubbi