For a game which we've known very little about since it was announced, having so many Rock Band details elucidated so suddenly is like Christmas come early. Except, if that were the case, we'd have the game by now. There's too much for us to discuss fully, so we'll focus on the points we find most interesting.
Emphasis is on the online play, with a strong community based system (read: Myspace clone) for finding other bandmates, the ability to create a band logo and to customise your avatar. There is no clarification of whether PS3 and 360 users will be able to play together. We strongly hope they will. Due to Microsoft requiring special circuit boards for their peripherals, the controllers will be console specific.
The guitars will have ten frets. The normal five near the top of the neck and an extra five near the bottom, used exclusively for solos. There is also a five-way effects switch, with purchasable effects such as Flange and Wah. We've always wanted to fit those words into a post. USB microphones will be supported, giving us another reason to pick up Singstar when it's released. The drum controller promises to be a "TV dinner tray stand, only cooler," which could go either way, really. We hope it'll be a decent sized piece of equipment. It will come with wooden drum sticks and have four pads to hit with them.
Check out the rest of the details at NeoGAF and, if you want to see the accompanying images, pick up the latest issue of Game Informer. We certainly will.