http://www.xbox.com/en-US/hardware/x/xbox360limitededitionredwirelesscontroller/default.htm

Featuring:
-New Bumper Buttons
-Adjustable Vibration Feedback
-Black Accents

Actually, it looks like the only thing new is the Black Accents. (All of the controller specs say "New" Shoulder Buttons & Adjustable Feedback)

I wonder if it will have the new D-Pad???

There's a new D-pad?

I think it is just a new color. All the other features are the same.

I think it is just a new color. All the other features are the same.

Did you read the description?

There has been talk about updated D-Pad but i think they turned out to be false.

it says there's an adjustable vibration feedback, so that's new, unless i'm missing something...

I'm sure that is just in reference to the physical ability to control vibration strength in software, not a special function of the controller.

It's red, guys. Other than that, it's just a regular controller.

There's a new D-pad coming, but it's a limited edition and I don't think any are coming to North America.

Did you read the description?

Yes, the description is the same as the blue/pink ones listed on the same page.

The Epic guy was holding this controller during E3 when he demo'd Gears 2.