Here's what we know right now:
- Pokemon S&M (don't google that) is being referred to in official media as "a new generation" and will feature "a new world, new Pokémon, and new adventures to discover"
- Pokemon Bank capabilities with the VC versions of R/B/Y are limited to S/M only, transfer to X/Y/OR/AS won't be possible
- Transfer from X/Y/OR/AS to S/M however will be possible (as should be expected)
- S&M will be playable in English, French, German, Italian, Japanese, Korean, Spanish, and Traditional & Simplified Chinese
- The following concept art images were shown in the trailer, featuring some vehicles, buildings, and a model that doesn't appear to match any known Pokemon:


