I recently saw a Boeing powerpoint presentation on the 7E7. What they mean by "no-bleed" engines is that the A/C packs will net use bleed air from the engines. Instead they will use four electrically powered turbine compressors. This will help improve reliability. On aircraft such as the 757/767 some of the biggest headaches come from problems with the bleed system.
Bleed air will still be used to start the engines and drive the Air Driven Hydraulic Pumps.
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