It was Project Indiana years ago when Debian's Ian Murdock joined Sun Microsystems to create the OpenSolaris binary distribution and all of that hooha leading up to the first OpenSolaris Indiana release. OpenIndiana is a new OpenSolaris distribution and fortunately they will be collaborating with -- and using -- Illumos for its OpenSolaris base.
The full announcement of OpenIndiana will not be made until next week Tuesday, the 14th of September. The OpenIndiana announcement is being made at the JISC office in London. Announcement details will be available on this page.
Soon as we know more details concerning OpenIndiana we will be sure to pass them along. At least the OpenSolaris development community is continuing to thrive without Oracle.