The coach's challenge rule only applies to 1) out-of-bounds rulings, 2) basket interference or goaltending, and 3) if a secondary defender was in the restricted-area arc when they attempt to draw a charge.
I like the addition of a coach's challenge, but I think we'll see it used infrequently with the way the rule is set. Because a coach could lose a time-out and lose the ability to challenge again the rest of the game if he's wrong, I don't see many coaches challenging except in cases where a mistake was obviously made and they know a challenge will be successful, or late in a close game.
Also, I wonder if this rule will unfairly benefit home teams more than visiting teams. The home team will usually have a lot more people watching from various angles who could alert the coach if a challenge is warranted.