What news are you looking for? What do you already know?
The body is produced by Cosina, and is based on the Bessa series (although it's not the direct Bessa re-badge job that the Rollei was). I believe the body is due out next month.
The only thing I know for sure is that it's way out of my price range. B&H has the system listed now, and it's more than I'd pay for a Cosina-made camera regardless of the quality of the lenses. I won't touch it until there's at least a year's worth of data available on how well it holds up in the real world.
The lenses, of course, can be used with any Leica M-mount camera and are the "real" news. My guess is that they'll perform very similarly to the Contax G-series lenses; that is, extremely well. Look for the lenses to be the real story here.
(Also, look for Zeiss to contract out the Contax name in the near future, now that Kyocera has dumped the license. My bet is that Cosina will be producing a C/Y mount body for Zeiss within a year, probably based on the Bessaflex M42 mount body that they've been selling. As to whether or not the autofocus Contax bodies - the N series and the 645 - will be produced by Cosina, by another maker, or lost to history, is something I'm not willing to bet on just yet.)