I have the old one and it singes, an IPL system would be far more expensive. All versions of the Nono! sold in the UK use "thermicon" (ie their word for heat) technology. I think some reviewers were confused; it doesn't discriminate between hair colour like Intense Pulsed Light (afaik).
The initial hair removal isn't as thorough or long-lasting as epilating but the cumulative effect has been good for me: my hair grows back sparser and at a slower rate. But I don't use mine over the winter, if I used it all year round I imagine the cumulative effect might be better.
I'll concede that they over-play this long-term effect because in the real world no one would diligently use it every other day. I also cringe when they talk about "crystalising" the hair, when they mean burn. Also it smells like burning hair so dressing it up to say it's not so bad may be building another expectation that the unit can't live up to.
Jude xx