The Buzz is growing as we learn more and more about this amazing new renderer for Blender - Cycles.
After leaving the Blender Foundation to work at Octane Renderer, the amazing developer Brecht has returned and will be working for the Blender Foundation in these coming months. He brought with him a new, experimental renderer that he had been working on in his spare time: http://code.blender.org/index.php/2011/04/modernizing-shading-and-rendering/ it's name was Cycles.
The new renderer (which is still very much a work in progress), is blisteringly fast and looks to completely revolutionize Blender's rendering. It includes fully integrated physical based rendering, with Global Illumination, and all sorts of great materials. It can utilize both the GPU and the CPU, which is what makes it so much faster. In fact, in the video below the rendering speed is almost real-time!
You can see an example of Cycles that Brecht posted on YouTube:
If you want to check it out for yourself run over to Graphicall where there are already a few builds of Cycles being distributed.
You can read more on the BlenderArtists Thread.