It looks virtually the same to me as Dr. Cook's Bitless Bridle. It's called a "crossunder" bridle. The Bitless Bridle by Dr. Robert Cook, FRCVS, Ph.D.
As far as bitless goes, some horses really hate the "whole-head-hug" effect the Dr. Cook / NoBit / Nurtural bridles give. My horse goes better in a simple nylon halter & lead rope or a sidepull than he does in a crossunder, probably because it's more direct and easier to understand.
In my personal experience, the part of the reins which slide through the rings on the noseband tend to bend and get stuck there, inhibiting any real sort of release you want to reward the horse with.
Also, the part of the noseband that goes under his chin gave him a sore because it rubbed on him.
As a whole, I'm not really impressed with the crossunder bitless bridles. Some horses do well in them, though.