It was announced two weeks ago. It can generate 26Gbp (200bp x 130M reads) in 3.5 hours.
Not sure about the chip and reagent cost but the previous S5 540 chip's per Gbp cost is only double that of NextSeq 2x150 mode. I suspect 550 with 62.5% more throughput should be more competitive.
If you are doing amplicon that typical requires either 200bp single from Ion or 2x150bp PE from NextSeq, it will become an even better deal.
I have been working with Illumina data all the time. I am thinking seriously of switching to Ion because of this. I am worried about Ion's read quality though. How does its data compare to data generated by NextSeq 500/550?
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