The Zaxcom website now has a fairly extensive explanation of NeverClip technology as is used in Nomad recorders. It's a good read and there is an audio file demo posted that demonstrates the extended dynamic range provided by NeverClip technology.
NeverClip Explained
NeverClip Demo (audio)
Even though I put both links here, I would suggest for anyone who is still not sure what NeverClip is, should do the reading first before listening to the demo.