The split-cycle engine is intended to be an improvement on the traditional Otto cycle and acts a bit like the Miller cycle. Instead of using a mechanical supercharger, though, the Scuderi design uses paired cylinders to compress air, which is then used to prevent reversion of the exhaust gases into the intake tract. It is also possible to store some of this compressed air to power the vehicle as part of a hybrid drivetrain. If this seems to make little sense (don't worry, you're not alone), click past the break for a computer rendering of the engine running.
[Source: Automotive News - Sub. Req.]