Can anyone clarify what exactly is the difference between the new Airport Express and the Airport Extreme?

The specs look virtually identical and the form factor is also much the same.
The price is not.

Extreme: three LAN ports, Express: one (four total Ethernet ports vs. two, respectively)
Extreme: Gigabit Ethernet, Express: 10/100 base-T
Only the Express can stream iTunes (AirPlay) music
The first two limitations make it resemble the original AirPort Extreme. Dual band is a big plus though, and will go a long way toward alleviating a lot of people's problems with wireless interference.
The form factor is different as the new Express is not designed to be mounted directly to a power receptacle. Also, the new one allegedly supports 50 clients whereas the 802.11n Express was only 10. However, those never seemed to be limitations in actual use.
http://www.apple.com/wifi/

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