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Here is the Shimano Press Release with the specifics of Shimano's 50/34 compact crank.
Shimano Press release
Shimano introduces an aluminum Compact Drive Crankset with a 50 - 34 teeth chainring combination. This will be the perfect product for all those sporty road racers who don't need a 52 or 53 chainring in front but prefer a lower gear ratio.
This compact crankset (model name FC-R700) can be combined with all existing Shimano 10-speed road racing groupsets without the need for a new front derailleur or Dual Control Lever. Just assemble the crankset, adjust the front derailleur and chain length and you are ready to go! This HOLLOWTECH II crankset will not carry a specific component group logo and the color is silver so perfect to combine with any of Shimano's 10-speed groups (Dura-Ace, Ultegra and new Shimano 105).
The bolt circle diameter of this compact crank is 110mm, compared to 130mm for the other double Shimano road racing cranksets. Crankarm and chainrings are both made of anodized aluminum. They will be available in lengths 165 / 170 / 172,5 and 175mm. Weight is 840g (170mm version).
This compact crankset has been developed using Shimano's HOLLOWTECH II technology that integrates the crankset and bottom bracket into a single component. The result is weight saving and increased rigidity for an optimal power transfer.
Shimano Compact cranks get inner chainrings with tooth profiles that specifically address the greater shifting demands imposed by Compact's 16 tooth difference in chainring size. This special profile is designed to prevent the chain from falling off when shifting down to the inner ring. Combined with other Shimano advances in shifting technology, these rings enable the use of a standard front derailleur with compact cranks.
Compact specific chainrings mean that you don't need to worry about compact specific front derailleurs!