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The ink is barely dry but already "Rumours" of the joint venture is filtering through the FIZ.

The key benefactor will be the BMWi brand as I understand that Toyota will now be following the same idea with their sub brand named after their first hybrid.The Prius.
Prius is expected to become the Toyota equivalent to BMWi.

The Sports car joint venture looks likely to be the car that will eventually be the BMW i4. Potentially a smaller 2 seater Coupe, like a mini-i8.
Toyota will create their Prius and (possible) Lexus model alongside the BMW.
The BMWi version will of course use the BMWi design language but Toyota will work on a design language for Prius as a sub-brand.

The collaboration will allow BMWi to study other potential concepts such as an X6-like i6 whilst on full concentration of the BMW i3 (in which a forthcoming media day will see the media being taken for a city drive as a passenger in the all-new City Car.) And of course the BMW i8 Coupe and Spyder models.

Another interesting outcome will be BMW finally getting the help to make the MINI Rocketman become a reality. Especially with Toyota's help who have developed a two cylinder engine mated to a compact version of Toyotas hybrid system being developed for the next generation of Toyota IQ and Aygo.
The genius lies in the packaging potential for a car with a small footprint.
Alongside with the hybrid , which would come later in the lifecycle.

A Toyota designed but (BMW overhauled) two cylinder could potentially become the engine of choice for the small MINI with the next generation MINI's three-cylinder being available to the more potent Rocketman S.
Although the upcoming MINI F56/BMW UKL-1 platform is not feasable for the MINI Rocketman , the car could use a shortened Toyota platform, with BMW's engineers making sure that chassis , steering and suspension all bare the MINI typical go-kart-fun-to-drive characteristics.

Of course the above is rumours and info heard around the water coolers and the bier hause's of Munich.
So far as the deal is early , not everything is fully confirmed between departments. That should commence this week.