Beazley -
You name it, it's probably been done somewhere. Most popular heat recovery systems that I see are closed water/glycol loops recirculating water between the exhaust and make-up air streams.
The heat recovery wheel is also used (sparsely in my area). The wheel rotates between the exhaust and make-up air streams to transfer heat. It does a good job in heat transfer, but can also contaminate the make-up air stream in some circumstances if a dirty exhaust stream is used for heat recovery.
The technology is probably over 20 years old but I'm not a historian of it. ASHRAE Handbook of Fundamentals or Applications might help in this area. The systems I've seen are custom built, i.e., there is not a "heat recovery unit," but a coil in a custom exhaust air handling unit (EAHU) and a heat recovery coil added just after the mixing plenum in the supply AHU. The system uses a pump to circulate the water continuously between the two during the right outside air conditions.
I've also seen cogeneration plants using engine exhaust air to heat an LP boiler to produce steam for building services.
To answer your question best, I would say that the technology is not new, but the production and packaging of the technology in a way that your particular vendor advertises might be a new way to simplify the process.
I hope some of this input helps. -CB