As mentioned by Keith, sequencing by hybridisation isn't a novel idea in fact i thought that was the technology that might speed up sequencing by orders of magnitude of n where n is the length of your oligos.
However, what's interesting about nanostring is that their tech uses no enzymes in the sequencing process.
It's still in early stages of development, shall keep my eyes peeled on them. Maybe they might grow big enough for a sequencing company to consider suing them as well.
Hope over to Omics! for a more extensive write-up