I have seen it in action.
It's not inexpensive.
SmallCorp has made display cases with it.
There is one in use in the Smith College Museum.
There is a chemical between two layers of glass. When no current is applied, the chemical is randomly distributed and the glass is black. When you apply current the chemical "lines up" from polarity and you can see through it. It is not 100% clear at that point and still requires LED or some light source inside the display case to adequately view what's being displayed.
But, it clearly has it's application. Mostly Museums and archives I'd say.