Well, the release system is what is called annular release bearing. The titanium color part is the slave cylinder. A piston (much like brake caliper piston) has a bearing pressed onto it. The bearing face should constantly ride on the clutch fingers when properly setup and hydraulic system bled. The tranny snout was modified to accomodate the stand off/spacer (also acts as the mount for the slave cylinder)
The line at the lower part is the inlet and the line at the top is just capped at the end and is used/opened when bleeding the system. Obviously, there is no slave cylinder outside the bellhousing and no fork of course. The feel is very positive and pedal pressure is very light if not lighter than stock but clutch is still rated/tested at over 1200 ft/lbs of torque. This is not anything innovative, some cars come with this type of release system from the factory. The only downside is having to drop the tranny if the cylinder leaks or breaks. HTH.