There's little technical detail to be gleaned from the announcement, but the big items are the implementation of VN-Link switching (which will essentially allow VMs to be controlled at the network layer like a physical server would be), aggregation of 10G switching within the chassis, Fibre Channel over Ethernet, and a few other tidbits -- but they're all Cisco's standards, not the industry standards. These technologies are necessary steps along the virtualization development road, but it's generally a good idea to make sure the rest of the computing industry is playing the same tune, especially when you're talking about six-, seven-, and eight-figure investments for the early adopters.
Then there's the centralized management side of the announcement. Forgive me for being a bit leery of that, since Cisco hasn't exactly been a paragon of innovation in terms of management tools, utilities, and frameworks. Why is a networking company offering virtualization management? It's along the same lines as a taco stand offering tax advice.
Interestingly, Cisco's Datacenter blog has tried to preempt any criticism of the announcement (inexplicably referencing the iPod), so I'm certain that it's well aware of the potential for this to fall flat. I'm certainly wary of Cisco's ability to succeed in this market.
Cisco and VMware have said that there will be more detail -- including pricing and availability -- coming in the next few weeks, so perhaps some of my skepticism will become obsolete as more information arrives. I'd love to get more detail on, say, smarter switching for VMs, 10G storage and network aggregation (something I lusted after over two years ago), and so forth. Meanwhile, I'm not going to bet the farm that Cisco's and VMware's vision will triumph.