Whats interesting about this system is it's relatively open modular nature, something that became less common as the technology became more advanced. The Telechrome system (not to be confused with Baird's early colour tube experiments) contains a waveform generator, a switching amplifier and a control unit for selecting effects. The waveform generator would be used to generate electronic mattes analogous to film mattes and the switching amplifier would place two distinct video sources either side of the geometric form.
Here is the control panel
And here is the advertisement in full.
I also dug up a later system with a similarly modular aproach.