It is basically EPUB 3.0.1 with the additional requirement that unzipping it into a folder would make it possible for a browser to read the book from the unzipped folder. However, that requirement is pointless since no one will actually read books like that -- there is no way to paginate and no way to search the entire book for a word or phrase when reading like that.
In addition, it basically punts on the question of metadata and has no provision for specifying a book cover.
Things I like about it -- it gets rid of useless bits of the EPUB spec like container.xml and the OPF file and epubcheck.
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