I tried it. For now it just behaves the same as normal Vim. Most of the work done is indeed under the hood. They are refactoring the codebase so that it will be easier to create plugins, extentions and to use Neovim inside other apps.
It works like the javascript event loop, so even though Neovim is still single-threaded, you can dispatch to external processes and handle the results in a callback(s).