Currently the processor voltage regulators are partly on the motherboard and party on the CPU package and basically the idea is to move these to a separate board. This will save some place on the motherboard and will make it possible to enhance cooling of these components.
The VR (voltage regulator) board will get its own heatsink and will be placed directly on top of the processor. The power will be transmitted directly through a land grid array.
The normal heatsink will be placed in the middle of this board, above a hole were the heatspreader of the processor sticks out.
It's not sure when this system will be introduced, but it may be launched with the Itanium/Xeon CSI-platform in 2007.