Can someone please enlighten me on this topic.
Tough question to answer because Disney is looking at a lot of different technology projects, all collectively included under the NextGen umbrella.
Maybe because FP+ is already being tested in WDW, I've seen folks use the terms interchangably, but my understanding is that the entire NextGen system could be much bigger than just changes to the FP system.
I think exactly what will eventully be implemented, and the timing of the projects, is still very much just rumor and speculation.
Some of the possibilities:
Your RFID bracelet, customized versions available at an extra charge, will hold all the information needed to serve as your hotel key, park admission, fastpass scheduler, dining manager, photopass ID, provide interactive games / experiences / suggestions, and will be able to process payments with just a wave at a paystation.
Personally I'm concerned about how all the data will be stored, handled, and protected, but full implementation won't happen overnight, and some of the ideas being tossed around now may never happen.