It still handles hash urls and AJAX requests under covers (albeit not so gracefully elegantly), it just uses some HTML5 history features to specify a different url in the address bar.
If you are viewing the site in an earlier browser that does not yet support it (everyone except Chrome at the moment), you will still see the format #!/path ( for Google indexing ), for example:
http://www.facebook.com/home.php?
In particular, it uses history.pushState() and history.replaceState() added in HTML5 if the browser supports it to display a different (direct) URL in the address bar.
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