The interesting part:

The algorithm checks to see what the average time to complete the proof of work is and adjusts the difficulty of the problem to make it stay roughly the same. If miners buy lots of Avalon machines then the first few early adopters will gain a larger share of the newly minted Bitcoins, but as the technique spreads the algorithm will adapt and make the problem more difficult. The end result of adopting Avalon is that the level playing field will be restored and the time to crack the hash problem will return to what it was. Of course, any miner without an Avalon machine will have no chance of competing.