Similar to Nokia Chat, the app provides a range of enhanced features kicking off with the basic ability to chat via IM, and see whether your friends are available or otherwise engaged. You can also broadcast details about yourself including what you’re listing to and “important scenes” though we’re not certain yet what the last one is.
We’re in the midst of downloading it now to try it out, so do the same and let us (and BetaLabs) know what you think.