It's a new version of the FR220, but includes an optical HRM in the case (Mio's), and Activity Tracking (steps/sleep/etc), but a surprising thing it doesn't have is Connect IQ.
It also doesn't have base FW stuff like notifications..
I wonder why. Not enough resources available on the device? Not enough time to include it (they might have wanted Garmin's first optical HRM out as quickly as possible)