Notice the phrase below: "directly into a browser". It looks to me that this system may work the same as when you type into your browser http:// www.crownjewels.com and it is translated into the correct IP address such as 152.456.23.24. How else could a user type directly into a browser. The following is the only phrase I found in their website that may explain how a user will use it. Sounds like they want your money then they will tell you how it works. The question is: Will users start typing in search phrases directly into their browser input. If they did it would change the way marketing is done on the web as the search engines will be bypassed. Why would AltaVista do this. Time will tell. Personally I smell something fishy. Their website doesn't explain very much.
"A Real Name address allows users to type a company name, a product name or an advertising slogan directly into a browser. The Web page for that company, product or campaign will be delivered instantly. There are no intermediate steps and there is no need to remember (or guess!) a lengthy or unfamiliar URL"