So you've been hearing about it for a long time, and at the Open World conference back in September the first Fusion applications were unveiled. These applications include CRM, Human Capital Managment, Financials, Procurement, Supply Chain, and a Governance/Risk/Compliance suite. Oracle has been quick to point out that there are no higher education specific extensions in version 1 of Fusion and will likely not be any until a future version down the road. The message has been that some of these applications can complement your current application portfolio now, but not replace it, an example being the Fusion Talent Management module.
I think Ventana research did a very nice job summarizing the product offerings of financials, CRM, and HCM in a series of blog posts located here.
The following Oracle web site is good for some high level information http://www.oracle.com/us/products/applications/fusion/index.html