Here's a
bunch of press briefing slides about Haswell, on page 10 it shows how 1.8 V go into the FIVR and 12 different "V"s come out.
Searching I came across this presentation about
integrated VR research. Although flipping through the slides I couldn't tell you if those VR's use PWM, induction, resistors or all of the above to adjust voltage. I can see in this particular case they used 20 power cells with 16 phases each, there are also some efficiency curves and mention of algorithms that are supposed to keep efficiency curves flat, switching phases perhaps like you suggested.
In hindsight it seems that there is no good reason cramming VRs "with efficiency in the low 80's" on an already dense and hot chip, unless there is also some reduced switching latency that perhaps saves power by quickly adjusting. But it seems they just wanted to save space and continue with further SoC integration.