As an
addendum to
TheCustodian's writeup, above,
electromagnetic valve actuation is a reality. Used by
Renault in certain of their
Formula 1 engines, this technology is also under consideration for regular road cars.
One mag has this to say:
One interesting example of engine control is electromagnetic valve actuation (EMV), which can in principle increase torque by 50%, improve fuel consumption by 25%, or reduce exhaust emissions by 40-90%. An EMV system can reduce mechanical complexity and weight by eliminating the camshaft, timing belt, and sprockets. Adding an EMV to an engine control unit increases I/O and software requirements, and may even require a digital signal processor function.
Source: http://www.sensorsmag.com/articles/1298/rol1298/main.shtml
Produce 1.5x the torque? That's a pretty brave statement. The decreased fuel consumption is a lot more believeable. They'll need to use some hella strong/durable solenoids!