The short version is that it is based on machine-analysis with manual checking, targets extreme toxicity and intentional feeding, and issues 14-day and ban-year 2500 permabans.
No reform card emails are associated with it, but chatlogs will be available by request. Not sure how that will work.
And it appears that twitter and reddit get to have a conversation with Riot about it, but not the official forums or the beta boards. Oh well.
Lyte's statements implied that the chatlogs would be shown to those that complain about the bans. He also implied that they would be shown in the same format the complainer used. So, I expect that both reddit and the forums will be seeing rather more posts from reds saying "Here is what you did wrong. You aren't kidding anyone."