The pictures are lytro's proprietary format (or should I say a non-standard format) that you can only work up with their bundled software to post-process and export jpeg's. Odd thing is, at least from their FAQs page, for the time-being the largest jpeg you can export is only 1080x1080 pixels. It could be that their detector is only that many pixels in length and width, so that's as far as you can process without up-sampling, but on the other hand, that's not very high-res.
Also, no memory card slot, only the built-in memory. Each pre-processed ("raw" for lack of a better term) picture file is about 16MB, so on the 8GB version, it should hold around 500 photos.