I just found this article http://www.eweek.com/c/a/Application-Development/Move-Over-AJAX-ARAX-is-Here/
So, no, it is not AJAX.
In this article the idea behind the .net framework in Silverlight 2 is reflected. And now it comes:
The DLR can not only run Ruby (ARAX) but also Python (APAX) or – and this is a community project – PHP (APhpAX)… you can go down the line with dynamic languages as far as you can.
THIS IS COOL!!! The thing is that you can run high level language on the client in conjunction with back end services…
Is this the solution for every scenario? Nope. But sorry AJAX is also not the final solution for everything…