Looks like they have extended non-destructive editing via metadata and/or layers to all of the core applications for motion - Photoshop, Premiere, After Effects, Speed Grade, etc. Very similar in concept to Lightroom, especially with the ability to create and apply looks. And Photoshop, with more extensive use of Adjustment Layers.
Lots of ability to work with RAW footage in real time, with no transcoding or partial renderings when exchanging between applications as before. Ability to make adjustments and grade on playing footage. Quite a bit of support for FCP or Avid files to allow import, or Adobe to be part of an existing workflow.
A few other new or modified core applications that support metadata throughout the workflow. Story, which can carry the script from pre-prod to post and tag clips. Prelude, which has a lot of Bridge type functions, to find, name, tag, and add meta data to assets before ingestion, Media Encoder which is pretty similar, and Encore for output to DVD, Blueray, etc.
This is the core of Speed Grade that was an acquisition. Not quite as integrated yet, but looks nice:
Lumetri Deep Color Engine
The Lumetri Deep Color Engine is the 32-bit floating-point image-processing technology at the heart of SpeedGrade CS6. The Lumetri Deep Color Engine offers maximum scope for working with High Dynamic Range content, allowing you to pull details from blacks and highlights that might otherwise be lost.
Along with standard post-production formats, the SpeedGrade CS6 Lumetri Deep Color Engine allows you to work directly with RAW files, the digital negative recorded from your camera sensor. As with digital still photography, RAW formats provide you with the greatest latitude as you craft your looks, whereas most other grading tools require you to render RAW files into an RGB format for post-production work. In addition, the Lumetri Deep Color Engine supports both linear and logarithmic color spaces, giving you the flexibility to work with a variety of source material.
The Lumetri Deep Color Engine works nondestructively, so you can revisit color decisions at any point in your grading workflow and make changes without compromising the integrity of your source material.