Basically, as far as is known right now (and if I even am correct at that) there will be two versions:
An analog version
This version contains a DAC to convert the digital video into high quality analog video of your liking; VGA (only for 480p) and component. Naturally, this will be the perfect option for a crt. This version is expected (purely speculating here) to have digital sound through optical-out. Why I think so? Because gcvideolite (which he presumably uses) by design carries optical audio and the guy has made optical audio mods before.
Digital HDMI
This is a digital to digital connection; YCbCr to RGB HDMI. It will contain both digital audio and video in one connection, thus the requirement of only one cable. This is the one I am most excited about personally.
Now, if I understand his video/teasing correctly, both the digital and analog version will be offered through plug and play (no soldering, case modding etc) as well as internal modding (with extra features for the digital version, not sure on that to be honest). For those worrying about a hole in their cube if you decide to do an internal install, instead of plug and play, he apparently has this little connector that (my speculation again here) goes on the spot of the digital out port, which you need to desolder, to make it look as a "factory finish".
This guy, and the GC-forever scene in general, really go the extra mile with anything they develop, it really is an amazing little community.
Now it doesn't need to force anisotropic filtering or 480p for that matter, because there is already a homebrew application which does exactly that among other things, such as 16:9 aspect ratio forcing.
It's called swiss and it is amazing and still actively being developed. Really, you should look it up.