From an inside source at WDW:
FP+ in a Nutshell:
-60 days from arrival, plus 10 days with resort reservation like dining. Guest selects park. Then their three preferred experiences (attractions, food, spectaculars, activities) and then the MyDisneyExperience (MDX) gives up to four groups (early, mid, late, all day) of their choices and/or substitutions. There will be activities that are FP+ only - no standby option. The immediate party then has the same set of FPs and from there the Guest can modify individuals if they want different experiences/times. You can also then copy with friends not traveling in the same reservation or under control of/created by the primary.
-One park per day.
-No paper (legacy) FP.
-Same FP return policies. Must return within time window, five minute early and fifteen minute late grace period.
-Guests can modify their park up until their first FP+ is used in park. Then they can only modify within that park.
-No MDX account or valid park tickets? No FP+. MDX allows legacy ticket conversion for some tickets by keyed in information and now barcode via camera. Partially redeemed tickets must have at least one day. Once converted, cannot be transferred. (This attaches demographics to tickets that wouldn't and encourages buying tickets directly from Disney. This won't completely devistate the 192 scalpers, but is aimed at them.)
-Special event tickets do not count at this time (nomenclature change from 'hard ticket' since most tickets are now hard...)
-FP+ downtimes are still being hammered out.
Low tech or no tech? Reservation Center can help, but they are being instructed to actively teach the Guest how to do this on their own by accessing the account via proxy. Front line cast actively encouraged to ask Guest to use their device (iDevices and Android) to show Guests how to do it themselves.
MagicBands:
-Nine Colors (Red, Blue, Green, Pink, Yellow, Orange, Iconic Gray, and NEW Purple...)
-Shipped to Guest's address (WORLDWIDE) within thirty to ten days of arrival.
-Shipped to resort if within nine days of arrival.
-Guest gets Iconic Gray if within five days of resort reservation arrival.
-MagicBands for non-resort or year long passes being determined.
-Replacement MagicBands will be Iconic Gray.
-MagicBands costs Disney roughly $4.50 each to produce, there's a world-wide shortage of RFID due to the 20k being produced daily.
-Waterproof, doesn't float.
-Three year battery, can be disabled.
-Multiple ticket entitlements can be loaded onto the MagicBand. No Tables in Wonderland or Cirque du Soleil at the moment.
Annual Passholders:
-First replacement MagicBand is free, $50 afterwards or RF plastic card alternative.
-Same FP+ rules (can book FP+ sixty days out, one park only, three selections, etc.)
-Benefits and discounts will be on a separate RF enabled card.
-Will have the ability to add a credit card to their MagicBand similar to Key to the World currently.
Parking/Toll Plaza:
-Touch Points have been added to verify resort and year long passes.
In Park Kiosks:
-Guest Relations in parks will have terminals for same day, same park FP+ and MDX registration.
-Sid's is likely closing and converting over for this.
-Old WorldKey booths by Epcot's lobby will be one location.
-MK is already open at Town Square Theater (Old Disney Visa location.)
-Downtown will be indoors adjacent to their Marketplace location.
-AK still being formalized.
-Other in-park regional locations being tested.