Official source of details as of this post:
https://community.eveonline.com/news/dev-blogs/introducing-clone-states-and-the-future-of-access-to-eve-online/TL:DR:
Alpha = free to play player
Omega = paying player
All unsubscribed accounts will be converted to Alpha
Alpha skill gains are slower
Alpha skills are limited based on race and capped
Alpha ship limitations (Frigate 4, Destroyer 4, Cruiser 4, Industrial 1, Mining Frigate 4)
Check "Questions and Answers:" (without "") for more details.
Skill limitations for Alpha: "Trainable skills in Alpha State:" (without "") for more details.
These things may change as time goes on but this is how they plan to do it as of this post from what I've read.
This post was edited by Mondain on Aug 31 2016 09:53pm