I found a different article with pictures and more detail that the Yahoo story.
This is a major advancement in sensor design. It could give close to the same performance of a 3 CCD camera in a single chip.
Both the articles are a little misleading. In the dpreview article they say that
"Kodak claim a one to two stop improvement in sensitivity, the tradeoff is of course color resolution which is effectively a quarter of the traditional Bayer pattern."
This is not exactly correct. The current Bayer pattern uses 50% green pixel and 25% red and 25% green. The final image will not have 50% green dots and 25% red and 25% green but will have three dots one red one green and one blue. The info from the two green pixels is averaged together and used to set the luminous level for each cell.
I found a little article on "de-Bayerizing process"
So a Bayer pattern 6Mp sensor using about 5,947,392 pixels you will have about 1.5 million red and blue pixels and the green pixels are averaged together sort of. (there is more rez if the picture is green) If your picture is green you will lose resolution but if your picture is red or blue there is only a 25% loss.
With the new Kodak sensor it will be 50% "clear" pixels and 50% color pixels so you will lose 25% of the resolution in red and blue and 50% if the picture is pure green, not "a quarter of the traditional Bayer pattern."
The gray scale should be more accurate than the green channel now being used and the gain to the remaining RGB pixels might be able to be lowered to give better dynamic range, no more washed out whites.
With current sensors at any of the higher gain (ISO) settings the sensors become vary noisy which requires digital noise reduction which almost always makes the fine detail fuzzy which is no better than a lower pixel count with no noise filter. In this respect less noise = resolution.
In a 6Mp sensor at 400 ISO with 20% noise might yield a final resolution less than a 4Mp with 1% noise. A 6Mp "clear" sensor should outperform any 6Mp sensor by a long ways. Even in low gain (ISO) the separate lumen channel willbe more accurate thus giving better color.
This is even more important for the low light performance of camcorders and hybrid cameras where the shutter speed can't be slower than 1/30 of a second.
If they can make and license this sensor, the days of the need for over 1/3 inch sensors will be over for most people. I hope they sell lots of them.