It will be available in stores during the first week of September and include the same features and functionality.
Well, it would have usual to us functionality - games, videos, musik, etc.
But the features will be a bit different:
- it would no longer be able to play PS2 games ( no hard- or software engine for PS2 games )
- there will be no OtherOS function - no linux ( becouse hypervisor is missing in Slim )
- you will be able to control Bravia TV
Of course it will be cheaper, smaller, more efficient, but at the cost of PS2 games and Cell BE development on PS3. For me, like for starting C programmer and ps3-linux developer, these news are not that good.