My Canon G12, has a built in 3 stop ND filter. When you select it, the screen darkens down just for a moment, and then reverts to its usual brightness. You can see an adjusted shutter speed on the LCD screen, and when you take a picture the shutter time in the exif, is as it appears on the screen. And the selected aperture is not changed.
Now as to how Canon is accomplishing this, I don't know. But it appears to be a genuine ND adjustment, as in a real filter. Example: Metered exposure AV, F-4.5, ISO 100, = 1/125. ND filter on AV, F-4.5, ISO 100, = 1/15.
I don't think you could bias the ccd this low, that would require a ISO of 12. As far as I know!, this is not in the realm of possibility. It seems at the time of exposure, the camera is slipping a real filter into the light path.
Unlike consumer line P&S cameras, the G12 has a real Shutter, and a real F-stop Iris diaphragm. So its also feasible a small ND filter, could be slipped into the light path, at the time of actual exposure.