GigaOM says the secret behind Pelican's technology isn't unlike the HDR feature found on the iPhone. the hardware captures multiple images (or sets of data), and then uses post-processing software to assemble it all into one high-quality photograph. Pelican is less obsessed with cramming more megapixels into the phone, and more interested in finding the best way to pair a sensor with a lens (or lenses, in this case).
Pelican plans to license their technology component manufacturerers and handset makers, similar to what ARM does with their processors. Can't wait to see this pop up in an actual phone.