The Zio is an entry-level Android phone and it features a 3.5-inch WVGA display, 600 MHz Qualcomm MSM7227 processor, 3.2 MP camera, and Android 1.6. No price point has been announced, but look for the Zio to debut around $249-299.
Kyocera plans to offer an upgrade to the Android 2.x OS sometime in the future, but there is no guarantee the Cricket version will see this software update.
Cricket has been opening retail stores in new markets and their month-to-month plans will attract those on a budget (no credit checks or long-term service contracts). The carrier recently announced coverage in all 50 states after signing new roaming agreements with MetroPCS and Sprint Nextel.
For a sample of what to expect, check out the following video preview from Phonescoop of the beta hardware from CTIA.