Valeo camless engine

Very optimistic claims. I bet it's more like 2-5% improvements.
 
With electronic control, rather than mechanical movement required for variable valve timing and lift now, you do get more precise control and could vary the timing and lift depending upon more criteria (now it's mostly just RPMs).
 
There would be a lot less reciprocating mass. Much less need for lubrication, and less friction.

I'm more concerned with how you control the lift. This system seems to have three possible states- open, closed, and somewhere in the middle (exactly where determined by the strength of the opposing springs). Maybe this isn't a serious consideration for engines though(not claiming to be a powertrain engineer here).
 
Another concern would be the fact that it *is* electronic, or rather, *electrically* controlled. Speaking from recent experience, things get kind of wonky with the newer mostly electrical / electronic vehicles when the battery dies- as the computers get a bit confused. Since the valves are controlled by a computer, but the pistons AREN'T, what happens when the computer loses power with some valves open while on the highway. The engine's reciprocating mass isn't gonna stop with the computer's power, that's for sure. I fully expect such situations to lead to serious $$ for repair work or replacement engines when those valves meet the pistons up close and personal.
 
I do like the idea of better fuel efficiency and so much less reciprocating mass, lube, and friction (thanks ateixeira for pointing that out). But I still see some hurdles that need to be addressed before trusting a vehicle with this installed.