Memjet printer – cutting edge technology or hoax?

I Stumbled on a website today discussing the new Memjet printer. It's an inkjet printer that prints 60 pages per minute. Visit the link to see video of the printer in action.

While the video demonstrations are impressive, there are a few sites that are of the opinion that the technology is a hoax. I did a brief search and it doesn't appear that there are any first hand accounts of anyone who has seen a memjet in action.

If this technology is a hoax, why? If it isn't a hoax, HP and Canon will certainly be interested in investing in the new technology.