Jay Parker, director of the company's PowerEdge servers, attempts to answer the question, what is Dell's Project Hybrid?

In this 9 minute video clip, he talks about and reveals this blade type solution by literally removing the covers and exposing the technology.  While still not giving up all the information, we do find out that it is a new denser blade architecture, shipping in the second half of this year, consuming 40% less than current generations, 20% less than HP blades, and 10% less than IBMs.  With management and integrated virtualization software and services/turnkey solutions that comes along with the hardware, it offers a different way to deliver products to their customers. "Typical" deployments are expected to be reduced from weeks/days to hours/minutes and cutting management costs by up to 50%. 

I'll reserve judgement until I read or see more definitive information from the company or third-parties.  However, this at least gives us a little more information than we had before.  Enjoy!