The 802.11 addition is there to complement the HSDPA WWAN connection that is also built in. You also get a 2.6-inch QVGA display, a 3.2MP camera with AF and flash, and GPS.
There is also built in FM radio, microSD card slot, and Bluetooth with A2DP. Thankfully it has a standard USB 2.0 connection and a standard 3.5mm headphone jack (why can’t Samsung adopt this policy for more of their phones?).
It offers up full HTML browsing and RSS feed support and you get 150MB of integrated memory to use for apps for the Symbian S60 OS/GUI combo or for media. You can get it now for $395 unlocked.