Tux2 is not a journaling filesystem. The big deal is when you compare it to journaling, which is a popular solution, and you see that it's just plain writing less blocks. That's a big savings. It's also not constantly going back to wherever the journal is on the disk to write to the journal, so there's a lot less seeking involved. So those two things together means that it should significantly outperform journaling.
Atomic updates are the key.
He called it Phase Tree on the Linux kernel list, and I decided I liked that better. Happily, Phillips has written a lucid tutorial on his own site. Normally, three filesystem trees exist simultaneously, each with its own metaroot. One is recorded on disk with a complete, consistent tree descending from it. A consistent second tree, the 'recording' tree, in the process of being recorded to disk, descends from a metaroot in memory, and some of its blocks are in dirty buffers.