Never heard of it, so I googled it, and I must say I'm intrigued. One of the active ingredients is praziquantel, which kill intestinal parasites (it's one of the ingredients of Drontal) and the other active ingredient I've never heard of, so I had to google that, too, and it's another anti intestinal parasite compound. The two together kill hookworms, roundworms, and tapeworms.
The interesting feature of this product is that it's administered topically. i.e. it's absorbed through the skin. I don't know that there's another de-worming product that's used that way.
This isn't a preventative like the other topicals you're familiar with, though Lisa, it's a de-wormer and as such is more like Drontal.
Bayer's website has all the above information and more, including a product safety sheet. It looks like it can't be used in kittens, breeding and lactating queens, and in cats with impaired liver function. In fact, reading the sheet and knowing it's a new product, I think a periodic blood panel to monitor liver function would be a good idea.