Edit: [3] has a good exlanation of how stream fusion works, and it should make it clearer why the linked code appears to be doing the same thing.
see also here[2] for a further paper on stream fusion being used to produce vectorised code. I've linked to the reddit comments because there's some useful discussion there too.
[1] http://citeseer.ist.psu.edu/viewdoc/summary?doi=10.1.1.104.7...
[2] http://www.reddit.com/r/haskell/comments/1br0ls/haskell_beat...
[3] http://donsbot.wordpress.com/2008/06/04/haskell-as-fast-as-c...