There are a number of ways in which this could work using CHECKLOCKTIMEVERIFY. Todd described such one way in an interview with CoinTelegraph: “the sender first sends an upfront deposit to an address controlled by both the sender and receiver. Each "payment" is then just a half-signed transaction sending the money from that address to the receiver, with more money signed each time. When the session is finished the receiver signs the most recent transaction.” CHECKLOCKTIMEVERIFY is then used to guarantee that if the receiver disappears, the bitcoin eventually "unlock". At this point only the sender needs to sign, so they are able to retrieve the funds.
In addition to micropayment “hub-and-spoke” scenarios, there are many other use cases: lock a trust fund until a kid turns 18, enable a landlord and tenant to hold deposit funds in escrow, and so on. At its core though, BIP 65 enables the network to scale while staying close to its original foundations. While it will likely end up being necessary to increase the block size anyway, BIP 65 can play a substantial role in mitigating the problem.