Poked around a bit more on their site:
Nest is compatible with the following systems:
Forced air, radiant, heat pump, oil, gas and electric
One or two stage conventional heating
One stage conventional cooling
One stage heat pumps with auxiliary heat or two stage heat pumps without auxiliary heat
24 volt systems only (no common (C) wire required).
You'll find that Nest supports a combination of these wires:
LABEL FUNCTION
Rh or R 24VAC power from heating transformer
W or W1 Heat relay (stage 1)
Y or Y1 Compressor relay (stage 1)
G Fan relay
C 24VAC common wire
O/B Heat Pump changeover valve
AUX/W2 Auxiliary heat relay/heat relay (stage 2)
Rc 24VAC power from cooling transformer*
By playing around with the buttons on their compatibility checker I also learned they're "putting the final touches on" a Nest Thermostat+ which will, among other things, support multi-stage. Don't know anything else about it though.