The Black Diamond Hoodwire is very similar to the popular Hotwire. The difference is in the gear end carabiner where the wire hood over the carabiners nose can be found and what gives the quickdraw its name.
Why the wire hood? The problem with wire gates and their construction is that you are left with a hooked nose that can get caught on gear when placing or stripping on a route. The wire hood is a neat little idea of getting round this drawback. The wire gate works as normal as the wire hood is slightly wider and effectively bridges the gap where the wire gate sits when closed. This means that when removing the quickdraw from gear/bolt is will run over the hood rather than get caught where the wire gate sits. Whilst the hood may not be as aesthetically pleasing as compared to the DMM shield, is still does the same job, and the construction costs must be a little cheaper as shown by the reasonable price compared to other snag free wiregates.
The other parts of the quickdraw consist of the Hotwire carabiner for easy clipping of your rope and a skinny 10mm dyneema sling with Straitjacket insert on the bottom biner so that it stays in the optimal clipping position.