No, the title is accurate, Ascenium plans for their chip to be a CPU replacement, not a co-processor. Whether they'll actually succeed in doing that is of course a very different question.
Reading the interview that was linked in this article, it appears they're using an
EPIC approach, where they're basically relying on the compiler to do all the heavy lifting. This is not unlike Intel's Itanium, which didn't really work out, in part because the magical compilers that would perfectly parallelize and optimize the code apparently never appeared (or at least weren't available when it was released). Ascenium claims to already have a working compiler prototype that can successfully optimize programs on the order of 100K lines of code for their Aptos architecture, but we'll see if they'll be able to get it working well for real world programs.