The first release of Oracle Solaris 11 Express will be later this year with a full release of Solaris 11 in 2011. There is not much more information on what this release will contain but it is probably a later build of OpenSolaris rebranded for Oracle/Solaris 11.
A interesting note is that Solaris 11 will be powering the new Exadata X2-8 and in the new cloud-in-a-box Exalogic .
Oracle Outlines Next Major Release of Oracle Solaris
Talks I have given
5 months ago