The hand is on top of the ball at release with the fingers at the front. It almost looks like they drop the ball. I am not sure how some spin it so much.
More and more I am seeing people using this release. Out of the two leagues I bowl in (Men's and Mixed) its mostly guys doing this. I never payed too much attention to others bowling but I am noticing this type of release more often.
Example: The team we bowled against tonight had two guys that were doing this and one of them threw a 260. Some of these guys have very high games.
The difference I see with this style is it is very affective on dry conditions. When I struggle on the dry these guys pound the pocket.
I don't know if this is limited to my area or not but I am definitely seeing it alot.