It consists of an IDE-independent server, that in turn can use different machines to perform builds and to tests and static code analysis. Additionally there is a very nice Integration into the IntelliJ-IDE. Apart from that the IDE got an instant messenger (JABBER-based), which allows for cool things like sending code-pointers and navigable stack-traces to your co-workers.
It looks very promising. Version 1.0 will be out around September. The only thing that is not yet there is support for depencies among different projects, but it’s scheduled for version 1.5.