From what I've read it's a SGI distance iron packed with forgiveness (hollow body) and is to replace the GMax iron. Also, I read where Ping bought a patent from Nike that was similar to the PXG technology (filling in the hollow void in irons with foam like material).
They didn't use it with the G700's though because the hollow is empty. Also, I read where they aren't cheap. Going to sell for ~ $150 per iron.