Hearst refuses to give details, but if it's intended for magazines and newspapers, then their eReader is almost certainly closer to what Plastic Logic is working on than the Kindle. In fact, some folks wonder if it is Plastic Logic? PL's videos say they are aiming at business travelers and they made the screen 8"x11-1/2" so that it could accommodate magazine pages.
I guess we'll just have to wait and see.