As with the original Hue, both products can be controlled with a free iOS app [Direct Link] to change features such as color and brightness, with an available output of 16 million possible colors. Both products also require the Philips Hue wireless bridge, which comes as a part of the Philips Hue starter pack. From Philips' German site [Google translation] on the company's original LightStrips:
In creating the right atmosphere at home sometimes the smallest changes can make a big difference. Philips offers lighting solutions that you can create great effects with subtle light effects and colors. See Philips Living Colors, candlelights and LightStrips playful and are easy to use. Elegant design combined with LED-based technology creates mood lighting with which you can create exactly the right atmosphere.
The Philips Hue LightStrips are priced at $89.95 and the Philips Hue Bloom is priced at $79.95. They join the Philips Hue Starter Pack that includes 3 LED bulbs and the Hue wireless bridge, a package which currently sells for $199.95. As with the original Hue, both products will initially be sold exclusively through the Apple Retail Store and Apple Online Store.