The following are some key features of the 737-MAX 200 in comparison to the current generation 737-MAX:
Reference – Information taken from press release issued by Boeing. http://boeing.mediaroom.com/2014-09-08-Boeing-Launches-737-MAX-200-with-Ryanair Retrieved on September 8, 2014.
The following infographic shows the evolution of the 737 plane in terms of passenger capacity:
Reference – Information taken from wikipedia. First flight information taken from book “Boeing 737-100 and 200” by Mike Sharpe and Robbie Shaw under section 9 Chronology. Retrieved on September 8, 2014.
Analysis – Updated with more analysis
With modifications to the galleys and the use of thinner seats, the plane type would be capable of carrying up to 200 passengers. As a comparison, the Airbus A320 neo to be introduced can only accommodate 164 passengers in a typical 1-class configuration. 
This can be a potential big win for Boeing in managing the demands of low cost carriers searching for additional seat revenue and lowering costs.
The narrowbody segment is very competitive. Airbus will need to take a look at its A320 family program and see whether there is a way to squeeze in more seats within the A320 or A321 aircrafts.
In the future, the 737-MAX 200 will be used to replace aging 737s and also craft new routes to other leisure or low-yield markets. Improved amenities would aid passengers but expect these planes to fly longer routes. The new seats would also replace some galley space as noted below and should stay at 30″ pitch (which is standard for low cost carriers).
Updated – December 3, 2014
Boeing and Ryanair announced that they have finalized the deal for the new 737 MAX-200 order valued at 11 Billion $US.
 Information taken from wikipedia. First flight information taken from the book “Boeing 737-100 and 200” by Mike Sharpe and Robbie Shaw under section 9 Chronology. Retrieved on September 8, 2014.
 Information taken from wikipedia. http://en.wikipedia.org/wiki/Airbus_A320_family Retrieved on September 8, 2014.
 RyanAir photo taken from http://s1.ibtimes.com/sites/www.ibtimes.com/files/styles/v2_article_large/public/2014/09/08/737-max-200.jpg?itok=_okc3zMw