
It contains not RGB but YCbCr data much like a JPEG;
The data is 11-bit;
The tone curve is applied to the data;
The in-camera white balance is applied to the data;
The pixel count is 4 times less than with regular NEF files;
The color information is shared between two adjacent pixels (in other words, chroma is recorded for each other pixel);
The file size is insignificantly smaller than full resolution 12-bit lossy compressed NEF;
Compared to a regular NEFs the data needs additional processing (linearization) while converting it to a TIF/JPEG, that may cause additional problems during the conversion as well as some additional computational errors;
There is some loss of color accuracy in shadows, which negatively affects the usable dynamic range if color accuracy is important.
For more detailed information on sRAW files see www.rawdigger.com. They have a very detailed report on this new file structure there. Credit goes to them for the above information.