Earlier quoted context omitted.
Guessing it's your browsing history (courtesy of including js from a Google domain) plus mouse tracking. It doesn't seem much different than the current "click here" one to me. They are just letting the page owner substitute their own button in lieu of the check box.
What about non-logged users/sessions?
Edit: Yep. "Human users will be let through without seeing the "I'm not a robot" checkbox, while suspicious ones and bots still have to solve the challenges."
It really is just the current one, with the site owner's button instead of Google's checkbox.