On this picture of a Cosworth F1 engine you can see part of the PVRS cylinders at the top:
http://gurneyflap.com/Resources/P7110091.jpg
Cosworth appears to use PVRS cylinders which are separate from the cylinder head with the seals in the piston. It's difficult to tell from the picture but the seals look similar to regular pneumatic cylinder seals. From the pictures in the Ferrari 2000 book Ferrari seem to use a design with cylinders integrated into the head, with stationary seals in the heads instead.
The PVRS system consist of individual pneumatic cylinders for each valve. They are each equipped with two regulation valves and one way valves, one which fills the cylinder with gas if the pressure falls too low (from a pressurized nitrogen bottle) and one which release gas from the cylinders if the pressure gets too high.
I suspect the difficult part with a PVRS system is the seals, they can't be allowed to leak too much - nor can they be allowed to cause too much friction. For F1 a small bottle is used to supply nitrogen at high pressure, but if the system is to be used in other applications I think a small pump will be required.