The news report I read said they were still in the process of setting up these TRVs. The idea is to reduce processing hassle for business visitors, persons who frequently visit relatives, and for parents and grandparents being sponsored (since their processing can take as much as 10 years).
It would function similarly to the US B1/B2 visa, which is valid for 10 years, permits multiple entries in the same year, and is good for visits of up to 6 months at a time.