This is actually a fairly crude attempt of loading AJAX content. I say 'crude' because it's not quite using Google's documented AJAX protocol using the hashbang (#!). There was an SEOmoz post about Google's protocol a while back that had some good examples:
http://www.seomoz.org/blog/how-to-allow-google-to-crawl-ajax-content
For this specific website, there actually is a JavaScript redirect involved. The original URL will load, then some JS will do some work and eventually do a document.location.replace() to do the redirect to the URL with the hash. As far as GoogleBot is concerned it won't necessarily do the redirect and will index the original page.
One thing I want to caution is to again remember that this site is not exactly adhering to Google's recommendations on AJAX content. Coupled with the fact that there is a JS redirect going on I would say that there might be a risk of cloaking. On the front end, the content looks the same and I would kinda hope that Google would just treat this scenario similar to their hashbang solution because this site is not intending to do some tricky stuff here. But we can't trust that Google will always give a free pass.