I linked to earlier this month, which offers few clues (not to mention close-up pics) of what the collection will look like. But lo and behold, this Wall St. Journal article gives us a better look at 3 of the items, complete with price-points.
At left is a vibrant yellow handbag ($35) with similar styling to bags in his 3.1 Phillip Lim line. At right is a black unisex travel bag ($60), which looks to be a knockoff of the "31-hour bag" in Lim's full-priced line. And in the middle is a print dress ($40) which has only the suggestion of a waistline because "it doesn't have to fit exactly on everyone" according to Target (echoing the fact that most Target shoppers tend to buy things without trying them on first).