Rather than using a capacitive touch screen like other tablets, this device is using Wacom technology to capture input from a stylus. As a result, interactions with the device are more about writing and drawing (creating content) rather than typical touch screen dragging (consuming content). In addition to the pen-based functionality, the reasonably high-res screen can be put to use as an e-reader. The device is basically a digital version of a paper notebook.
In case it's not obvious yet, I want one.
This is the best hands-on write up I've seen so far is from the folks over at techinstyle.tv of all places:
Granted, the expected price of around $230 is a lot of money for a notebook. By my estimation, you'd be able to buy about 13 Moleskine notebooks instead of this thing, which is an awful lot of writing potential. It remains to be seen whether the advantages of digital writing make it worth the premium.