Not QUITE what you're referring to - but I have a mountain bike which is probably close to 20 years old and that has a non-circular triple chain wheel. This was an idea of Shimano, and what it actually does is it varies the ratio as it turns - so you get more leverage and the chain wheel travels faster when your legs are at the bottom and top of their stroke respectively, and the opposite when your pedals are level with the bottom bracket. Put another way, the gear ratio varies throughout the rotation of the chain wheel. Of course the derailleur idler takes up the change in effective chain length as this is happening.
The idea as I recall was to give the rider some additional help by effectively varying the gear ratio so you are in a slightly lower gear when you don't have maximum push available - that being the first situation I mentioned above.
I don't know whether it works out in practice or not - I guess it didn't work out for Shimano because the idea fell out of favour fairly quickly. That is unless someone knows different. They called it the 'Biopace' system.
Rog.
PS - I see it's been mentioned in another thread - sorry to duplicate it. Apparently it's an idea still having a following.....