According to the press release, the chip has full "support for the latest BD standards, and functions including dual-screen simultaneous video playback, high-quality audio playback, and network compatibility achieved on a single chip."
It will also allows for "50% reduction in mounting surface area and 25% reduction in power consumption, compared to current Panasonic products." That is a huge plus in my opinion as most current BD players are large and obtrusive, compared to many slimline DVD players.
The chip also supports "video playback for BD, DVD, and CD media, and standards including MPEG-4 AVC/H.264 and VC-1; high-quality audio playback compatible with lossless coding".
Samples of the chip are set to be released to manufacturers beginning next month. Maybe one day, using this chip, there will be a player with a better value than the PlayStation 3.