On page 11 of the paper I reference above Spielman makes the following statement:
"The most obvious way that sparsification can accelerate the solution of linear equations is by replacing the problem of solving systems in dense matrices by
the problem of solving systems in sparse matrices. Recall that the Conjugate Gradient, used as a direct solver, can solve systems in n-dimensional matrices with m non-zero entries in time O(mn). So, if we could find a graph H with O(n) nonzero entries that was even a 1-approximation of G, then we could quickly solve systems in LG by using the Preconditioned Conjugate Gradient with LH as the
preconditioner, and solving the systems in LH by the Conjugate Gradient. Each solve in H would then take time O(n^2), and the number of iterations of the PCG
required to get an ǫ-accurate solution would be O(log ǫ−1). So, the total complexity would be O((m + n^2) log ǫ−1)."
I'm not really sure how you get O(n) 1-approximations of G (or even really what a 1-approximation is yet, as I haven't really read the paper), but that seems to be the idea, I think.