This marketing video from March shows a portion of IBM's vision for Verse:
Keep in mind that this is a marketing video, so the real Verse may or may not perform as shown.
So far, it appears to be a web-based front end to IBM Connections, Domino-based mail, and other IBM collaboration tools. It is unclear, at present, how many of these tools will be required to experience the features shown in the video.
It looks like Verse is big on sharing and collaboration, but less so on personal productivity -- that is, actually getting work done. My research and work with thousands of people has shown me that, no matter the collaboration, knowledge work is inherently personal.
In this area, Verse has less to offer.
Verse does add a form of the "Waiting For" from David Allen's Getting Things Done, which is a positive step. I'm looking forward to seeing their next video and, of course, to seeing the real product in action when it ships.
P.S. Here are Hogne Pettersen's thoughts on Verse as "promiseware" competing with Microsoft.