The biggest advantage of the new adapter is that it supports 802.11n, allowing for higher connection speeds than the current adapter, which only supports up to 802.11g. It's also got a second antenna, which apparently gives it twice as much range.
It will cost the same as the current adapter - AUD $149.95.
According to Kotaku, Microsoft has said that the existing adapter will remain on sale, but wouldn't comment on whether or not it would see a price drop. Common sense suggests it would, but you never know.

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