Yes, its actually called Karmic Koala.

Firstly, the official announcement is here.

Phoronix talks a bit about it...

For those too lazy to click any link, the highlights (under consideration) are:

(1) Server version: Cloud computing features. Will be using API's of Amazon EC2. So you can build your own cloud!

(2) Desktop version: They may use Red Hat's Plymouth. Also aim for lower boot times than 9.04...They want to do better than 25 secs on a netbook.

If you don't know what Red Hat's Plymouth is about...