Their release says: "All episodes will be available to all viewers, with the latest simulcast episode available for Premium Members one-hour after TV broadcast in 480p and 720p, then available for all viewers one week later." Episodes are streamed. Please note that premium membership is PAID, $6.95 a month. If you don't want to pay a membership fee, you'll have to wait a week to watch the episode. VIZ Media will continue to provide the subtitles for the streamed episodes.
Their roll-out schedule: "Starting next Tuesday, June 8th at 2:30am PDT (yes that's AM), the latest arc beginning with episodes #266-#273, and the latest simulcast episode #274 will be available for Premium Members. Tentatively, the following week on June 15th, episodes #270-#274 will be available to all viewers, and the latest simulcast episode #275 will be available to Premium Members. Every Tuesday at 2:30am PDT, we'll be adding the latest simulcast episode immediately after Japan TV broadcast, and one week later for all viewers."
Dattebayo, one of the best known fansubbers of the Bleach anime, previously announced that they would be dropping Bleach if Crunchyroll got the series: "If and when Crunchyroll obtains a streaming license for Bleach, DB will drop it. We've considered all the options, and there will be no point in continuing to work on it in its current form." With Crunchyroll obtaining the license, DB will probably soon formally announce that they will be dropping Bleach.
As far as I'm aware, no other fansubbing group has yet said that they'll drop Bleach.
ETA: For territories, Crunchyroll said: "We tried really hard to secure as many territories for launch, so please bear with us. For launch, BLEACH will be available to all viewers in North America (US, Canada, Mexico), the Caribbean, Central and South America, the United Kingdom, Ireland, the Netherlands, Sweden, Denmark, Norway, Finland, Iceland, Australia, New Zealand, and South Africa."