Well, like the other two repositories of content, the Apps Center will allow users to browse and download content. It will be available with the 4.7 version of the BlackBerry OS. The content will not come from or be approved by the folks in Waterloo. This is a big departure from the model being used by Apple and its iPhone Apps Store. Apple maintains all the control over what's approved and what isn't. The network operators have no say.
Instead, with the RIM Apps Center, all the content will be pushed by the network operators -- in this case, Verizon Wireless. Verizon will be responsible for hosting and delivering all the applications. This allows the network operator to maintain some modicum of control over what's available to its customers. That also makes Verizon responsible for any issues that customers may have with their applications.
Other aspects of the Apps Center will allow users to search for applications that are compatible for their device. Incompatible apps will not be shown. Users will be able to quickly browse a list of available applications and drill down to find out more information about each app before choosing to download it. Information, such as app updates and notifications, will be readily available.
Lastly, the store and applications are accessed via the Storm's browser, not an on-board client.
With the Storm brewing on the horizon, I'd expect things to get windy and sweep into a Verizon store near you in the very near future.