GPS wise, it's a 32 channel device, using the new RFMD chipset (which is supposed to be faster than SIRF III, which is what most current devices use). It doesn't have any screen, just three lights (GPS sync, bluetooth active and charging).
Bluetooth wise, you connect to it (using rfcomm serial), and it starts sending you NMEA 0183 data. This is quite a straightforward text format, so there are loads of programs out there that understand the data it sends.
All in all, it seems pretty cool. Now I just have to get all the software I want to go with it working :)
Update: I've discovered another really handy feature of it. It takes Nokia BL-5 batteries (which most Nokias use), so it's really easy to have a spare battery for it :)