Thanks to SimsVIP for all the information below! Here are all the facts about Generations all compiled into one. This is a long read, and be prepared for awesomeness below.
♦ There is not a new town for Generations. The town shown in photos and videos is Sunset Valley.
♦ There are 10 new community lots added to Generations.
♦ They have not added any new Rabbit Holes. (Still unknown if they have opened any existing ones)
♦ One of the new community lots added is a Playground complete with a Sandbox, Swing set, Seesaw, Playhouse Set, Spring-Rides, and a Treehouse(?)
Sims & CAS
♦ Body hair is a feature that has been added to CAS
Build Mode Features
♦ Spiral Staircases
♦ New type of Window
♦ Usable Strollers to transport your toddlers. One per stroller. For more than one child, multiple strollers will have to be used with other sims pushing them.
♦ Bunk Beds and Loft Beds which can be used by Sims of all ages
♦ New Playground equipment
♦ Water Slide which can be used by all ages
♦ Video Camera
♦ Chemistry Set to make lots of new potions
♦ Sleeping bags
♦ Children’s toy boxes have been improved with costumes so kids can play dress up.
♦ Pink Limousines
♦ Costume chest