Art,
This challenge is for a functional 10x improvement over the state of the art for 2014 switch mode systems. There's nothing simple about this. This is IEEEs stab at an X prize or DARPA type contest.
To get the thermal dissipation down people will almost assuredly have to move beyond indirect bandgap (i.e. silicon devices). Meet the challenge, Google's 1mil will just be the bonus money you hand out to the staff, as the orders will come hot and heavy.