Well, fast is a relative term and it's in an academic paper. So I would say "fast" is use in the same way I've seen it used before. I hate being a snob like this, I've got enough of that attitude from those with higher education than myselfAh, you are right. How on earth can they call it a "Fast" method when they are solving the linear system exactly?

Well, it seems that's what most graphics and physics papers do, apply known methods in a new way to problems in those domains. I do kind of find it annoying that I have to read through lots of convoluted math lingo just to arrive at the conclusion that it could have been summarized quite simply by saying "we are applying known method X to problem Y with the modifications Z". And flesh out Z a bit more.Still, they are using a standard method and putting their own label on it. It's just a Newton solver for constrained minimization.
I think this paper makes some valuable contributions and has some interesting and novel ideas for simulating cloth. I hope it works well in a real-time, extreme strain situation.