You can find some more info here: http://coinwiki.info/en/SpectreCoin (but not much, I will add more info as time continues).

Generally, from what I understood, the app will be similar to Localbitcoins, but decentralized. You can find someone who wants to sell (or buy) coins and has a certain trust level (via a web-of-trust system). Then you meet with him and exchange cash to XSPEC locally. Because both cash and stealth transactions are anonymous, nobody will know that these two people have ever interacted. The idea of this is to avoid the problem of having to register at an exchange in order to become part of the Spectre network, so that it will become a self-supporting and completely decentralized ecosystem.