The new items are: Cheese Danish (McDonald's actually used to serve Cheese Danishes back in the '80s), Blueberry Muffin, Multi-grain Berry Muffin, Banana Bread, and (frosted) Mini Vanilla Scones and are made with ingredients like butter, fruit, and whole grain oats.
While McDonald's already offers fresh baked good in other countries (check out this TV spot for McDonald's Austrialia as part of their McCafe offering), they would face major competitors in the category from the likes of Starbucks and Dunkin' Donuts here in the U.S. Still, Starbucks doesn't bake their goods in house and neither do some Dunkin' Donut locations.
For an idea of whether the goods are any good (pun intended), check out this review by Dave at Dave's Cupboard where he tries all of the new bakery items and gives his thoughts on each.