Here, here. Keycap presses spring, which presses plunger.. onto a rubber dome. Essentially a rubber dome keyboard with a spring for a click. The click is nice.
The Fujitsu Peerless keyboards are really not that bad. They are better than your average run-of-the-mill rubber dome keyboards and the click sound at least provides audible feedback for each key press. I'm not sure why so many geekhackers hate them.
They are inferior to buckling spring switches ALPS switches, or modern Cherry MX key switches, but there are plenty of worse key switches out there.
I have a Fujitsu from the mid 1990's that still works like new. It even has the Cap, Num Lock, and Scroll Lock LEDs built into the key caps - years before the Topre Realforce!
As a side note, I bought a Fujitsu LifeBook A1220 for my wife for Christmas. For the money, it is an awesome consumer laptop. Great performance and one of the last PCs engineered and manufactured in Japan. Ironically, the only thing about the Fujitsu laptop that we don't like is the keyboard - it sucks! The keyboard on my Dell D430 laptop blows it away. If only the Fujitsu LifeBook had a keyboard like my
PFU/
Fujitsu HHKB Pro 2...