It shares the same 4-inch Retina display as the iPhone 5, has a camera, is powered by iOS6, can surf the web, a calendar, contains maps and allows a user to check emails.
Unfortunately for anyone considering this as an alternative to a kitchen computer, there's no full-fledged web browser, calendar apps, or the like, but it will at least give you weather updates, and could well be further improved by some of the promised firmware updates.