If you like Philips Norelco rotary shavers, you will most likely like the 1050. They have improved the technology in the rotating heads to shave closer than before.
Norelco is the shaver and personal appliance division of Philips, the massive Dutch electronics company. Philips wasn't allowed to use the name Philips on products sold in the United States, so Philips created Norelco (North American Philips Electrical Company) to brand their products in the U.S.
In 2005, Philips starting using the Philips Norelco brand name on their U.S. producs, and Philips will eventually phase out the Norelco name. Basically, get used to seeing Philips branding featured more prominently on Norelco products in the States.
Outside of the United States, Norelco used the Philishave brand name until 2006 and then switched back to Philips.
Like Braun, Norelco's electric shavers hit the market in the 1950s. Norelco's claim to fame was their innovative animated commercials in the 1960s which changed how electric shavers were marketed.
More recently, their Bodygroom shavers aimed at non-facial hair got a lot of attention for their humorous and suggestive advertisements.
If Norelco was a car brand, they'd be most like Cadillac- classic, powerful and traditional. Norelco dominates the rotary shaver market, their flagship model being the Philips Norelco arcitec 1090.