Details are scarce, but the image shows that the watch band and watch face are a single unit. The design looks similar to Qualcomm's experimental Toq watch, which stored its battery in the clasp to allow for a slimmer watch face.
Toq had several other novel technologies, including wireless charging and a color Mirasol display that could last for days on a charge, but Qualcomm never intended to sell the watch in large quantities. Instead, Qualcomm's goal was to partner with other smartwatch makers, who could bring Toq's ideas to the mass market. Perhaps Sony will be the first company to do so.
As for software, Sony said in March that it didn't plan to adopt Android Wear, Google's nascent platform for smartwatches. (The company later softened its statement, saying it would "work closely with Google as a key partner and continue to evaluate opportunities" across a number of areas.)
Sony's existing smartwatch software isn't terrible, but it's focused largely on apps that you must install and manage through a companion smartphone app. The nice thing about Android Wear is that it's built around the phone's existing notifications, so there's practically no setup or maintenance involved.
In any case, we'll likely hear more from Sony at the IFA trade show in Berlin next week, roughly one year after the SmartWatch 2's debut.