Based on the larger RC-505, the 202 offers a similar interface and familiar functionality, but with some added features.
Four Input FX and four Track FX can be layered up at once, and you'll also be able to save your loops in real time, allowing for a faster, more seamless workflow. Those FX include delay, ring modulation, beat-slicer, filter and more.
Boss RC-202 specs:
Two simultaneous stereo phrase tracks with dedicated controls and loop status indicators
Four Input FX and four Track FX simultaneously available for processing loops with DJ and sampler-style effects
64 phrase memories (8 memories x 8 banks), each containing two phrase tracks, custom effects/playback settings, and more
Expanded external control via optional footswitches or expression pedal and MIDI
XLR mic input with phantom power, mono/stereo instrument inputs, and stereo aux input
17 onboard rhythm patterns with differing time signatures
USB for phrase import/export and DAW integration with computers