Today project OpenIndiana was announced, it is continuation of OpenSolaris created by the community. It's currently pretty much OpenSolaris build 147 but in the near future it will be based on the illumos gate.
It's nice to see a distribution that is similar to OpenSolaris not everyone wants to go the illumos/debian way like Nexenta and OpenIndiana aims to be a free drop-in replacement for Solaris 11/Oracle Solaris Express. It can be used for free in production unlike the new Solaris 10/Solaris 11 licensing from Oracle. OpenSolaris installation should also be able to upgrade to OpenIndiana.
The slides from the announcement are available here:
Iso Images are also available, but this is the first bits they ever release and they call this release a bit "messy" so use it with caution:
Talks I have given
2 weeks ago