Kind of funny that the best article I can find to sum it up is from wiki but here it is.

http://en.wikipedia.org/wiki/Air_Coryell

Now to get into the specifics of what I'm talking about

The Coryell offense is a combination of deep and mid range passing and power running.
We can done one of those things great, and we're pretty iffy on the other.

The offense relies on getting all five receivers out into patterns that combined stretched the field, setting up defensive backs with route technique and the Quarterback throwing to a spot on time where the receiver can catch and turn upfield. Pass protection is critical to success because at least two of the five receivers will run a deep in, skinny post, comeback, speed out, or shallow cross.
Our pass protection really is much better this year, but they need to do something about the interior line.

Overall the goal of the Coryell offense is to have at least two downfield, fast wide receivers who adjust to the deep pass very well, combined with a sturdy pocket quarterback with a strong arm. The Coryell offense uses three key weapons. The first is a strong inside running game, the second is its ability to strike deep with two or more receivers on any play, and the third is to not only use those two attack in cooperation with each other, but to include a great deal of mid-range passing to a TE, WR, or back.
I do think that a lot of our best players could easily fit into the Coryell system. Peterson would do just fine, Rudolph could be a weapon even if he's not quite as fast as Gronkowski or Jimmy Graham. The other thing is Harvin, on first glance his short slot game doesn't really fit with the whole mid-to-deep passing concept, but think about how Harvin could be incorporated into that kind of scheme. He'd be the ultimate safety valve, instead of being our entire offense, not to say that he'd be marginalized to that. Its impossible for a defense to scheme to stop Harvin, Peterson and whoever those two deep WRs would be. Its a little stretch but I think Rhett Ellison could make a good H-back as well.

The other thing to point out though, its hard to characterize Ponder as "a sturdy pocket QB with a strong arm." and this is where my apprehension is at. We need that backup/competition guy, and we'd need someone who more closely fits that description.

Here's a really good read too
As offensive coordinator with the Dallas Cowboys, Turner ran Coryell's offense a greater emphasis on sideline throws than the Chargers used. Turner's take on the Coryell system turned around the career of Hall of Fame QB Troy Aikman and has proven to be very successful with talented high draft picks struggling with the complexities of the NFL, such as Alex Smith. Turner' variant is not the most robust flavor of Coryell offense. It is a very sound, QB friendly scheme that favors taking controlled chances, like quicker midrange post passes to WRs off play action rather than slower developing passes that leave QBs exposed. It is almost exclusively run out of the pro set. Turner favors a more limited palette of plays than Coryell and most other Coryell disciples, instead insisting on precise execution. His offenses are usually towards the top of the league standings, but are often labeled predictable. His offenses tend to include a strong running game, a #1 WR who can stretch the field and catch jump balls in the end-zone, a good receiving TE to attack the space the WRs create in the middle of the field and a FB who fills the role of a lead blocker and a final option as an outlet receiver. In Dallas, Turner made RB Emmitt Smith & WR Michael Irvin Hall of Famers, and TE Jay Novacek a five time pro bowler. As head coach of the San Diego Chargers, Turner's system helped quarterback Philip Rivers set new franchise records for single-season quarterback rating and touchdown passes in 2008.
Here's one thing I will say, while Ponder is far from an ideal fit for this system, if he was able to pick it up (or we replaced him with someone more well suited to it which is sadly what a lot of people want to do anyways), and we were able to get the WRs who could really run it, we'd really have something. The other beautiful thing about all this is that we need new WRs and new Guards ANYWAY so it could line up nice.

One last thing to think about
West Coast Offense comparisons

The Coryell offense attacked vertically through seams, while the West Coast offense moved laterally as much as vertically through angles on curl and slant routes. The Coryell offense had lower completion percentages than the West Coast offense, but the returns were greater on a successful play. "The Coryell offense required more talented players, a passer who could get the ball there, and men who can really runa lot of them," said Walsh. He said the West Coast offense was developed out of necessity to operate with less talented players. He noted, "[Coryell] already had the talent and used it brilliantly."
All in all, staying with a west cost offense, which we've run since the dawn of time (Burnsie's offense that was part of the Vikings since Bud Grant came to town in 1968 has its similarities) would be easier, even if we're replacing Musgrave, but if Norv Turner comes to town, while it might be more difficult/require better players, there's certainly a possibility that it could pay off big time.