The MP Server will have the same functionality as the MP (reportedly).
Nuvo and Autonomic both said they're still working on the internet radio access - still in the works, but will be through the website radiotime.com
The head of Autonomic, Michael de Nigris, told me that XM and Sirius will both be supported by the Nuvo re-branded ACS software.
The Nuvo sales rep was less informed.
The ACS/Nuvo software can be controlled by 3rd party control systems (Crestron, HAI, RTI, AMX), which all have iPhone integration (AFAIK). No native iPhone support that I'm aware of, but maybe ACS will come out with something - email them.
I think I recall seeing the color touchscreen, with album art, but it was not operable.