Actually, their blog post states that it DOES use Atlases. Your images are apparently auto-packed into a texture atlas, which should dramatically reduce draw calls. There were a few other things they talked about as well.
However, until Unity 4's new GUI is out (c'mon guys, you promised us a new GUI system back at 3.0, now we're at version 4 and it's still being worked on, wtf happened?), I think NGUI is going to be the standard.