SRAM had this puppy behind glass with no specifics, but one of their reps was able to explain how The Torpedo converts from a fixed gear to free hub in about two seconds and without removing the rear wheel.  Click “more” to see how and get another pic…
The Torpedo is actually an old school hub from Sachs, made since 1903.  SRAM’s revitalizing the name with the first ever convertible hub.
To switch from free to fixed (or vice versa), you’d a) not use a rounded full bolt like the one in these pics and b) simply stick a small screw driver in the hole in the axle, give it a little turn, and voila! You just changed the way your bike works without so much as even dirtying your digits.  From the looks of their product-specific website, you have a choice of 16, 17, 18, 19, 20 or 21 tooth cogs.
As for first ever, it reminds me of the freestyle bike I had as a kid.  That one had a little twist knob hidden on the freewheel somewhere that you could tighten down to make it fixed, but like so much from my childhood, I just didn’t appreciate it at the time.
(In case you’re wondering, the frame in the pics above is from Fixie Inc.)
