According to CNET, the travel app is designed to "reserve travel plans, check in to flights, and deliver airport and flight info." It won't be just some app pulling FlightStats info either. It's supposed to allow you to "request in-flight services and provide arrival notification to people waiting to pick up the traveler." It'd also throw some destination information in there as well, like restaurant recommendations. It doesn't sound wholly earthshattering, but it will give the many other travel booking apps a run for their money.
There is no release date for the app, and it may never come to be. So keep that in mind.