Just like with S-bend corsets, the boning would be in casings applied vertically. Except at the back (and sometimes the front) the casings don't follow the seams.
The triangles in the waist area look very sharp, probably it's hard to sew the panels to look neat. But it could look great if it is sewn neatly. I haven't seen anything alike in any historical corset collection.
It looks so strange, though. Not all of those patents were actually a good idea. If I were doing it, I would probably put a waist seam through those points, to make sewing up easier.
Glancing through the haabet.dk site once again, I'm intrigued by this patent. Perhaps this idea would be suitable for those who wish to visually create the look of a super-sharply nipped waist or S-curve posture without affecting the body quite so much. I'm not sure it would be my cup of tea, but you could even make that back panel in a darker colour to trick the eye into thinking the preceding seamline was in fact the curve of the spine.