These are very small heatsinks passively dissipating small amounts of power. Just look at the thermal resistance values in the article...
Testing of the LPH00xx range with an applied 5W load indicates a thermal resistance value of 17.4°C/W for the LPH0010 (40x40x5mm) heatsink, and with a 2W load the thermal resistance of the LPH0004 (20x20x5mm) product is 35.8°C/W.
For such small heatsinks and low power dissipation, conductivity isn't as important as being able to radiate or convect the heat away.
I think the whole point of it is to dissipate as much heat as possible through emissivity, while minimizing the amount of material (metal) required to do so.
When you take that into consideration, it definitely looks plausible.
Of course, this technology would not work for forced-air heatsinks or large convection-cooled heatsinks dissipating large amounts of power. That's where other technologies such as heatpipes come in.