The profile of those body panels is really clever too, because they manage to just slide past each other while this is happening.
There have been a few papers written on this thing, but most of them are behind paywalls. Here's one that isn't, from the amazingly-named "Journal of the International Association for Shell and Spatial Structures", which contains this illustration of how the nodes move:
It's normal to buy a $9 kids' toy and then search for journal articles on it, right? Anyway, if this toy is patented, I'll bet the illustrations in there would be informative, but I haven't been able to find one. It's not quite "Bit" from Tron but it will do.