You can read about it
here. I understand that it comes with 250,000 preloaded caches, has only three buttons, and retails for around $69.00. Next month they will have an update kit for around $25.00 to allow updating caches. It only supports "traditional" caches, therefore no puzzle or multi caches.
I question how many people will get a unit and then go out to find caches without ever visiting the geocaching.com website to find out what geocaching is all about, or learn about the rules of the road.
However, it is probably a good alternative for a child who always wants to hold his father's $500 GPSr.
