The Motorola Xoom is a ten-inch tablet or slate device intended to compete against the iPad. The Xoom is a touch-screen device with no built-in keyboard (although wireless keyboards are sold separately). The Xoom features a dual-core processor built specifically to aid Adobe Flash.
The Xoom will run Android's tablet specific Honeycomb update to the Android OS, which features tabs like Google Chrome, enhanced widgets, and adjustments to handle different sizes of Android screens. The buttons will be through software, so there will be no right side up or upside down on the Xoom. Your buttons will be on the bottom of the screen when you rotate it, and some buttons may change contextually.
The other significance of the Xoom is that prototypes of this device were given to the Android development team as they wrote Honeycomb, so it will not need hardware specific modifications and will likely be the first Android Honeycomb device on the market.
However, as of early January, there is still no official release date, price, or data plan pricing. Those figures could come as early as the end of February, but it will all depend on when Honeycomb is released.