We explained a lot of this ourselves when we visited Koenigsegg back in 2014, and saw how much more efficient an engine can be operating on a much more digital/binary scale than a physical one. A valve in an engine using a camshaft gradually opens and then gradually closes, thanks to the physical design of a camshaft. A valve in a camless engine can open just about all the way instantly, and close just a well. You can change how this all looks at any RPM, you can easily cut off any cylinders individually, and you get a lot more freedom to run an engine how it would like to be run.

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At the moment the system is very new, and likely quite expensive, but hopefully its cost and complexity will go down as the tech matures.