http://www.iop.org/news/1110
"Researchers at the University of Cambridge [] think that their material - a blend of cobalt, manganese, silicon and germanium - could help to usher in a new type of refrigerator that is up to 40 percent more energy-efficient than conventional models."

"The 'magnetic fridge' envisaged by the Cambridge team would use a phenomenon called the magnetocaloric effect (MCE), whereby a magnetic field causes certain materials to get warmer (a positive MCE) or cooler (a negative MCE). Although the effect was discovered more than 120 years ago, it is only recently that magnetocaloric materials have been known with the right properties for use in everyday refrigeration."

cobalt, manganese, germanium... How much will this thing cost?

http://www.eetimes.com/news/latest/showArticle.jhtml?articleID=189400600
"Nanofreeze Technologies Lund AB, a startup company that claims to have developed cooling technology that is 10 to 15 times more efficient than Peltier coolers, has won $40,000 in a competition"

""In 5 years you will own a refrigerator cooled by Nanofreeze," the company asserted at its Website although the company expects to start with less demanding applications such as mobile phones."

"Nanofreeze's technology consists of different semiconductor materials built using nanotechnology. The company claimed it has advantages over other technologies because it is small, environmentally friendly and its direction can be switched instantly from cooling to heating."

I have to say, from a thermodynamic standpoint, 10-15 times better than Peltier isn't anything special at all. Peltier, while neat, is horribly inefficient.