It seems like it could be an interesting design, but it also seems expensive and I would question if proper shielding can't accomplish the same thing. My biggest beef is that I don't see any technical explanations of what it's claiming to do. Watching the demo videos I feel like I can accomplish the same amount of hum or hiss cancelling using my MXR smart gate pedal.
It could be the greatest thing ever, though. I look forward to you installing it and letting us know!
The idea behind it is essentially just to wire a single dummy coil into the harness to mimic a humbucking circuit. It then just makes the whole setup noiseless. Ilitch discovered this and then helped Suhr develop a system for their guitars, which are attached to the backplates.
It's a pretty easy process for a Strat harness. One just needs to take an extra single coil pickup, take out the magnets, wrap up the coil to prevent shorts, and then replace the wire from the first lug of the volume pot to the 5-way switch. Then you just need to hide the coil somewhere in the harness that's stabile.
This wire is replaced with the two leads from the extra dummy coil and voila--instant noiseless humbucking but retaining the same signal qualities of the single coil setup. Here's a video of someone mocking it up.
I imagine the Ilitch system is an electronically condensed way of doing this, but it can simply be done with any spare single coil winding or pickup.
Apparently, a lot of people are doing this with P90 guitars too.