Here are the details from the Sony smartphone announcement. We have three new devices, a flagship, a mid-range and a budget model. They are the Xperia Z3, Xperia Z3 Compact, & Xperia E3 respectively.

The Xperia Z3 seems like more of a slightly upgraded refresh of the Z2.
  • 5.2-inch, 1080p display
  • 20.7-megapixel camera
  • Waterproofing
  • More rounded aluminum frame
  • New, wide-angle 25mm lens with extra-high ISO 12,800 light sensitivity
  • Quad-core 2.5GHz Snapdragon 801 processor instead of the 2.3GHz version in the Z2

The Xperia Z3 Compact is the mid-range smaller cousin of the Z3.
  • Same quad-core 2.5GHz Snapdragon 801 chipset as the Z3
  • Same 20.7-megapixel rear camera (complete with Sony's Exmor RS sensor)
  • Same rounded waterproof chassis
  • 4.6-inch Triluminos display running at 720p

The Xperia E3 is the budget-friendly device of the crowd.
  • 4.5-inch, 854 x 480 screen
  • Quad-core 1.2GHz Snapdragon 400 CPU
  • 2,330 mAh battery
  • 1GB RAM
  • 4GB expandable memory
  • 5-megapixel camera.

These devices should come sometime this fall.