On incandensent bulbs, the same bulb's life can be significantly lengthened by lower the power sent to the bulb. For example, the average light bulb will last over 20 years -- if the power driving the bulb is cut in half. (Similarly, a bulb will last longer if it's actually designed for a higher voltage/amperage rating than used in practice).
How does this apply to high-pressure lamps? I don't know.
Panasonic could be doing a better job of focusing light from the bulb through the lens and, in turn, lowering the power sent to the bulb after ignition. On the other hand, the power required to light the bulb is very high, probably can't be reduced, and represents a significant percentage of the bulb's life. So, it's hard to believe they've doubled the life expentancy.
While it's theorically possible that Panasonic may be able to get more life out of the bulb, they aren't guaranteeing this fact. I think it's too early to tell if their claim has any credibility. Therefore, it should not carry a great deal of weight when selecting a PJ.