According to Apple, the remote "gives you total command of your music, photos, videos, and DVDs from anywhere in the room. It works with Front Row to make accessing the digital content on your Mac as simple as navigating your iPod."
On an iPod or iPhone connected to a dock with IR you can "experience your songs, slideshows, and more from across the room. Plug your iPod into the Universal Dock and choose a playlist, slideshow, or video. Then sit back, relax, and enjoy. Ready to move on to the next song? No need to get up. Just press the Next button on the Apple Remote. Getting a call on your iPhone? Press Pause, then pick up where you left off."
It's a spiffy new design, with darker buttons instead of the all-white older model. Might make it easier to use when fumbling in the dark.
The remote will sell for U.S. $19.99 and is shipping in 2-4 weeks.
Thanks to everyone who sent this in.