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As for the size, it won't be as impressive as the street sets in DCA or Disney/MGM Studios, although it should be a decent size in itself. Basically, as you exit Studio 1 into the main body of the Walt Disney Studios Park, you'll have the new Toon Studio entrance (already taking shape) on your right, while that whole space in front of you will be a new (relatively short) Hollywood Boulevard.As already posted, it will cover up both the Tram Tour station, and La Terrasse in front of the Tower of Terror. I expect they will also build a new official entrance into the Production Courtyard plaza, to mirror the Toon Studio entrance across the way, although that's just speculation at this point.
Although not especially grand in scale, I've been told the facades are going to be very detailed, with nice little in-jokes, like the windows on Main Street.
This also paves the way for an extension into a full-length boulevard, should the Tram Tour station ever be moved.
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