the new hemi engines use what they call the multi-displacement system. i read a site on it a few months ago, its actually a very nice system and its supposed to work much better and faster than previous attempts.
edit: just found the site again, and to quote:
"The 2005 Chrysler 300C and Dodge Magnum RT are the first high-volume, modern production vehicles in North America to feature fully-functioning cylinder deactivation. The MDS seamlessly alternates between smooth, high fuel economy four-cylinder mode when less power is needed, and V-8 mode when more power is in demand. In short, owners of the Chrysler 300C and Dodge Magnum RT will receive the powerful benefit of the Hemi engine with the fuel economy that they would only expect from a smaller, less powerful engine. Test drivers say they cannot tell the difference."
"As far as we can tell, MDS saves about 3 mpg city, 3 mpg highway - that's by comparing original Chrysler 300C gas mileage estimates with actual EPA figures."
"This system should triumph where the Cadillac 4-6-8 failed because of the speed of modern electronic controls, the sophistication of the algorithms controlling the systems, and the use of electronic throttle control. The HEMI will be able to transition from eight cylinders to four in 40 milliseconds (0.04 seconds)."
"The system deactivates the valve lifters. This keeps the valves in four cylinders closed, and there is no combustion. In addition to stopping combustion, energy is not lost by pumping air through these cylinders."
http://www.allpar.com/mopar/new-mopar-hemi.html