Morrus talks about it more here, better than I could, but it's an interesting beast: a more conventional OGL/SRD for the usual stuff, and a special online publishing arrangement through WotC that lets you use IP-infused content for Forgotten Realms on their website. Funky and blows my prediction last week to tiny bits!
Here's where the new OGL and SRD is.
Suddenly this year got a lot more interesting!!!
UPDATE: having had a chance to look at http://www.dmsguild.com/ I think it is official: D&D has been crowdsourced, big time. I don't know if it's a good thing or not, but it's definitely a new turn of direction, that's for sure. We're going to see a lot of weird stuff from here on out.
UPDATE 2: I've had a chance to browse through the OGL and SRD a bit. Of note is that while it's more complete than the free D&D Basic stuff, each race and class is still limited to one key option....so fighters still only have a champion option, for example...warlocks are only offered a fiend pact. I'm unclear on where this places use of the SRD to create content that wants to use the additional options in the printed books; iirc this was something that D20 licensees dealt with a lot in the 3.0 era, but the work-around was to go full OGL.