Yes, it will shoot flames off of the tires when you boost. And you'll be able to enter and exit hover mode by clicking in the left stick. The car will be available for purchase on its own or as part of a set of four additional cars in the "Legendary" pack.
Criterion says it'll have more to announce about Burnout Paradise next week.
...hey, they should make this car the only one that can use the restart race feature.