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I read most of the articles Chaz posted. I don't think we can say variable lift technology 'virtually eliminates pumping losses'. It sounds like they've just moved the restriction from the throttle body to the intake valve. Something still has to control how much air gets in, and they're still using the intake valve as a restriction. Its definitely an improvement, but I just don't think we can say pumping losses are virtually eliminated. I think reduced is a much better word.
The only exception I can see is if they're using something similar to Toyota's atkinson-like cycle (used on the Prius/Camry hybrid) where the intake charge is partically exhausted out of the intake valve.
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