IP67 certified, meaning it's completely dustproof, as well as waterproof up to 3 feet. It's powered by an 800MHz processor and has a Gorilla Glass screen, making it nearly indestructible, or as Motorola says, "virtually lifeproof."
The Defy should be available in Europe before the end of the year, and no information was given on any release for the US. However, there was a rumor from a few weeks ago about a waterproof Motorola device coming to T-Mobile, so this just might be destined for the US after all. Time will tell, as always.
Be sure to check out Engadget's coverage of the Defy, as well as Motorola's official product page.
G2, I would consider getting this.