CNet has a review of this unit here: http://reviews.cnet.com/8301-18438_7-20016673-82.html
It is still expected to be in stores in October. It will have wifi, colour, and broad distribution including Best Buy and Macy's -- for list $159.
the best thing since sliced bread ... but it is a colour ereader at a much lower price than an Android tablet or iPad. Since almost all ebooks are currently b&w, and it's too small for comics, it's appeal a year from now is probably limited. Still, each new device that brings a different user experience helps broaden the market. And it certainly helps Kobo stay visible. An earlier press release stated 7,000 US retail locations for this device.