It makes for a nice toy, but there will be losses, primarily through eddy current. Any time you move an magnet past a conductor, it sets up currents in the inductor which oppose motion, those currents create heat while losing energy. You see magnets approaching and departing each other, there will be some current induced, and thus heat generated, and loss incurred. It may, or may not, actually be less friction than proper hardened ground gears properly meshed and lubricated, but I doubt it.

If they can show a system efficiency, then I might be interested. Until then, it is a fairly nice object of art.