Not sure what this is doing in suggestions, it seems to be a lot of questions. If you go look in the General Forum, you'll find a thread called 'Shield Sweepstake' which should give you most of the answers. Reading any of the developer comments on Shields would answer some of them.
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How exactly will this work though? Will we get a whole new cossie slot for shields? Will it be a whole new power set where you only use a Shield?
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Shields is a defensive powerset for Tanks/Scrappers/Brutes/etc. It will work with some other weapon-based sets for attack, but not all. You can have broadsword and shield, but not katana and shield.
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Will we be able to choose its colors, detail etc?
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Probably something similar to the customisation available for weapon-based attack sets. I would guess you could stick an emblem on it; some sub or superset of the chest detail emblems would be likely.
Disclaimer: The above may be humerous, or at least may be an attempt at humour. Try reading it that way.
Posts are OOC unless noted to be IC, or in an IC thread.
BAB has confirmed that as well as being able to customise your shield model, you can give it any chest emblem.
I started a Shield speculation thread here.
I really should do something about this signature.
I'm guessing shields focuses on effects such as Parry, Deflect and Defence, Mainly against lehtal, smashing, fire, ranged and melee
The one thing I desperatley want for shields is when you block arrows, the arrows stick in the shield instead of your characters chest.
Lets hope they bring alot of shield customisations, i dont like sticking to normal history based ones, bring tech styled ones, Scrap and Road Signs, and even a SWAT shield 
A total of 14 of my nerves have been harmed in the making of this post...
So theirs gonna be Shields in the next Issue?
How exactly will this work though? Will we get a whole new cossie slot for shields? Will it be a whole new power set where you only use a Shield?
I am actually hoping that what they do is make it so its called Weapon & Shield. This would allow the player to have the Shield and a bunch of melee attack powers along with being able to block and protect yourself with never before seen powers using the new shield which goes under "weapon" in the cossie drop menu.
What else will the Shield do? Will we be able to choose its colors, detail etc?
Will it be able to deflect lethal/smashing attacks like physical shields do?
Will Brutes/Scrappers/Tankers all have the same type of powers for this Shield?
Thanks for reading...