Works today with [single signer ECDSA adaptor signatures][0], or with Schnorr + MuSig.
Other than the explanation below, there's also a diagram and a video.
Advantages:
- Requires merely two on-chain transactions for successful completion, as opposed to four
- Scriptless, and one of the chains doesn't need to support timelocks
- Can be used for efficient privacy swaps, e.g. [Payswap][1]