The TG01 will run on Microsoft's Windows Mobile 6.1 with a new graphical interface. The "shake" function is expected to have usages spread throughout the system -- in addition to the aforementioned answer and disconnect feature, for example, the TG01 is expected to also allow you to shake to return to the device’s home screen.
Perhaps most notably for Apple, the TG01 will have integrated Flash support -- something the iPhone has consistently taken a beating for excluding. The inclusion of Flash in the TG01 means you'll be able to navigate to any Flash-based Web site and watch videos that might not be available in a non-Flash interface. Toshiba's TG01 will come with built-in access to Google, YouTube, and Facebook. As for applications, Toshiba is supposedly working with developers to create games specific to the device to supplement the Windows Mobile programs already available.