From the Disney Park Blog 1/7/2013 by Tom Staggs:
http://disneyparks.disney.go.com/bl...13_NGE_MDX_DOM_Exact|G|4131321.NG.AM.01.01U4S
Video of Tom Staggs interview at D11 conference 5/29/2013:
http://www.wdwmagic.com/other/mymag...s-joins-d11-conference-to-talk-magicbands.htm
From this interview in case you dont want to watch it:
The magic band substitutes for all entitlements of your ticket.
Magic bands are free.
Allowing you to pre-arrange your attractions instead of using a FP runner decreases guest anxiety.
Bands are non-transferrable and person specific.
Purchases over $50 require a PIN
Kids can be set up for charging privileges up to your pre-set amount.
You can elect to add a public name to the band for use by characters and interactive elements of attractions.
Mickey will be able to speak and use a released name.
Magic Bands due not have GPS, but readers in the park will track when a particular band passes it in the park. You will not be tracked per se.
Testing has shown one of the most commonly requested things to reserve are parade and fireworks viewing areas. MME and Magic Bands can help crowd control.
Special Character M&Gs could be set up in the parks to alleviate crowding and messages or tweets could go out to guests to notify them.
Personalization (bling) will be available for purchase.
Pre-order for BOG CS can be done from home (no mention of other CS restaurants). Guests can walk through the Mickey Reader, sit down and your food will be delivered.
And a direct Quote from Tom Staggs:
People want to make interaction with their smart phones part of how they get into the moment with us and facilitate their vacation so were adapting this mobile first philosophy
Terms and Conditions from official Walt Disney World website:
http://disneyworld.disney.go.com/media/park-experience-terms-and-conditions.html