Apart from the lack of LED's, the Ray has pretty much the same functionality as the Shine2 and measures steps, activities and sport and works with Misfit Link to trigger actions (and can link to IFTT to trigger pretty much anything).
Progress is tracked by the LED flashing different colours (under 25%, 25%+. 50%+, 75%+ and 100%+ i.e. goal met) and it flashes blue when syncing with the Misfit app over Bluetooth (it supports Bluetooth version 4.1). It will;l also indicate incoming calls, incoming texts and wake-up alarm.
The Shine2 uses a single CR2032 battery while the Ray now uses 3 x 393 button cells (which should also give 6 months usage).
The Ray is also 50m water resistant so can be used for swimming.
Misfit are promising a range of new straps and other accessories so it can be worn, say, as a pendant.
The sport band version retails for £72.87 and the leather for £87.45, not the cheapest units out there, but probably (at least for now) the prettiest.