Originally Posted by Chuck Lee
Actually, when talking about on-camera flash use the Canon and Nikon flashes can do a high-speed sync. However, off-camera, it's not the flash really that allows for higher shutter speeds--it's the camera. Some Nikon cameras have an electronic shutter instead of the mechanical shutter of the Canon system. This allows the entire sensor to be exposed during a short amount of time avoiding the frame-blocking of the mechanical leaves.
The new Pocketwizards, however, can enable a slightly faster shutter speed than your max rated sync speed. They do this by regulating the timing of the firiing of the strobe relative to your camera's triggering signal. You can even program the timing for optimal effect. It's not a huge gain, but I think you can get up to 1/400 sec on the 5dMkII without shutter blockage from what I've read.