Specs are essentially identical to the original Speedlite 430EX with just a few noteworthy exceptions: the hot shoe has been upgraded to a metal part for the "II" version, flash exposure compensation is now in 1/3 EV increments, and flash settings can be viewed and changed via the camera's LCD on all Canon bodies from the EOS 1D Mark III forward (that is, all DIGIC III equipped Canon DSLRs).
Per Canon, pricing for the updated version should be similar to the original Speedlite 430EX's $299 sticker. No word yet on availability, however.
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