In this incarnation, the idea takes four O-ring seals (the most accessible one being doubled),
and complicates the central post of the toolholder. The multiple O-ring
seals is a bother, any one of 'em that leaks during a cut
would ... drop the tool.
A variant could use gas-over-liquid
pressurization (like, from a CO2 cartridge) with a single O-ring seal, and wouldn't require a post (so a holder could be bolted to a mill table or somesuch, and still hold the tool).
I've seen wedge quickchange designs with tension on a rod to actuate the clamp,
http://hobby-machinist.com/threads/a-quick-change-toolpost-by-john-stevenson.268/
and a cylinder-and-linkage could provide tension hydraulically. Then the 'master piston' could
be a sealed bellows under a toggle-clamp. Two-dovetail holders could be accomodated
with multiple master pistons, just swivel the toggle clamp to a second push-position.
All told, the Stevenson design has more appeal (though the
central block with dovetail innies instead of outies is... unsettling).