There are still plenty of questions to be answered about http://www.1up.com/do/gameOverview?cId=3158412, but the guitar's new look is no longer one of them. An EB Games email newsletter contained pictures of the peripheral, giving us our first glimpse at how Harmonix's new axe would differ from Red Octane's. http://media.1up.com/media?id=3328488
The additional frets (mentioned in a Game Informer story as solo frets) make their appearance, along with a toggle switch. The switch changes the sound of the guitar via reverb, flange, wah and delay, but no word on if this addition is just for kicks or part of gameplay.
Thanks to http://feeds.feedburner.com/~r/1up/ALLPS3/content/~3/126181421/newsStory for sharing the news with us!