Right now it's just a skin on the Cutlass Black.
No official word from CIG about what exactly is going on with the Blue, so we don't know if its still modular (able to replace the holding cells [which it may or may not still have] with the medical equipment from the Red or the cargo bay of the Black), still mounts a larger shield generator (previously it mounted an S5 shield vs the Black/Red S4, but with the move from S1-10 shields to multiples Small/Medium/Large/Capital, it's unclear how it will work), increased armor over the Red/Black, or better stock equipment (originally had better engines, power plant, and shield generators than the Black's budget fit ones).
That being said it's a pretty neat looking skin.