The S&W web site offers a good summary, a somewhat lame video and a brochure for this new offering. They are worth looking at.
Shot Show 2010 - Smith & Wesson
I have an early series LCP with a Crimson Trace Laserguard for a BUG carried in my front pants pocket. I will not carry any handgun without a laser for it's training advantages. Therefore, when prices are compared, the quoted Bodyguard 380 street prices are very close to an LCP plus laser.
I'm planning to get one to evaluate. Real sights and last round lock back are two advantages I'll appreciate. The more complicated laser operation remains to be evaluated for effectiveness.