The socket DOES have to be powered full time to provide power to the V3 cam (5v/1A).
The cam in turn will control the socket via spotlight commands over the cam’s serial cable (just like with a spotlight accessory).
Because the cam communicates with the socket over the serial cable, that USB cable must be data-capable, but one is provided.
The socket does not use WiFi, but does have Bluetooth to coordinate the action of multiple sockets.
The bulb does NOT have to be smart, but it does have to be 30W or smaller (so LED or CFL).
The bulb can be automatically controlled by the cam based on movement or darkness, or you can program it to turn the light on and off via rules at sunrise & sunset (or any other time).
This is the new product they are talking about: