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Blake beat me to the punch (and I wasn't actually going to propose a news story), but for both of you who read this:
Walt at Random is now live, with two (count them! 2) posts and a surprising number of early comments.
The date was deliberately chosen to match the importance of the new weblog--but rest assured, W.a.R. will still be there on April 2.
Here's what I do know about editorial policy: Walt at Random will not in any way weaken Cites & Insights.
What I don't know:
I suspect W.a.R. will largely supplant this journal, but perhaps not entirely. We shall see.