I'm a little hazy on what the Fender sends out over it's Ethernet connection (Digital Audio? MIDI? Something else? All of the above?) The iAXE393 sends out audio. I'm not sure that a USB connection would be much use for real gigging situations; so this is really for hom recording and maybe for practice and learning applications. The write-up suggests that included software, in addition to letting you add efects, will let you slow down music that you play along to and other neat tricks.
According to the web page, the iAXE393 includes:
The iAXE comes with loads of great-sounding virtual amps and stomp boxes powered by state-of-the-art modeling software. Jam along with your MP3, WAV and AIFF songs or backing tracks on your Mac® or PC. We even included multi-track recording and editing software so you can record your music on the spot.
Sounds like more fun than a barrel of monkeys. The package comes complete with a USB cable, adjustable guitar strap, three picks and padded gig bag, and WDM and ASIO drivers.
Nothing on price yet, and availability isn't expected until the second quarter. (Also, the computer depicted is not included.)