Let's look at the mechanicals:
Conveyance to get the "gondola" up to the top of the tower (I would assume cable lift powered by motors located on the top maintenance platform or inside the tower)
and
Motor(s) that rotate the gondola. A traditional wheel and tire are visible in the animation and illustrations, and that's about as low tech as it gets.
and
Locks and Sensors on the restraints.
As far as I can see, that's it.
Here's how I see it.
The gondola is completely free from the tower itself. The two are linked by the catchcar type structure that is dynamically affixed (dynamic meaning that the connection allows movement, in this case horizontal rotation). This apparatus is also connected to the cables that raise and lower the gondola.
Now, anything at 300' can be problematic, but this seems to be pretty well tested technology. I don't have too many fears about downtime, unless the winds prove to be more of a problem than they were expecting .
http://www.mondialrides.com/products
They are the king of state fairs so I wouldn't rely on them too much