The Steak and Egg Burrito has been available in the Northeast since December and is essentially the same as a Sausage and Egg Burrito except with steak instead of sausage. Specifically, it's filled with actual pieces of steak (and not steak patty like the Steak and Egg McMuffin test), peppers, onions, scrambled eggs, American cheese, and salsa roja (i.e. red sauce).
It's being offered in the New York metro area at a promotional price of two for $3, but seems to be offered at a price ranging from $1.59 to $1.99 otherwise, depending on location.
This is not the first time McDonald's has put steak in a flour tortilla; when the McSkillet burrito was first launched in 2007, steak was available as an option.
It seems to be making the rounds; the Steak and Egg Burrito was also tested in Atlanta, GA back in March of last year as well as Kentucky around the same time.
Here's a TV spot that currently airing for the burrito:
