I'll post some of the thoughts over at Kotaku:
BY KAI_ AT 09:49 PM
This one is an 80GB with no backwards comp, Dreamcast support, and 23 USB ports.
BY XBHASKARX AT 09:48 PM
This one doesn't play PS3 games, only Blu-ray movies. $349.99.
BY DONWII AT 09:50 PM
$200 PS3 No Hard Drive, No USB Ports, No BC, No Wi-fi, Support for only 1 Wired Controller(Single Player Only), No card reader and half a Cell(since most games don't make full use of it)
BY BIG_WORLD AT 10:02 PM
I have a feeling Sony made this SKU to counteract all the negative attention they garnered when they removed the backwards-compatibility. This new SKU will be backwards-compatible with all PS2 games and DVDs. However, to keep costs low, it will not be compatible with PlayStation 3 software of Blu-Ray movies.
BY BPMΩ AT 10:06 PM
No card reader