Here's the full scoop (thanks to Squirrel Nutkin:
d20 Modern will be released in October 2002, and it's a "major new product line that will provide a baseline of rules to run contemporary fantasy campaigns." It will contain 4 campaign models to choose from and rules adaptable for more. It's being designed by Bill Slavicsek, Jeff Grubb and Rich Redman.
Shadow Chasers is "heroic modern horror in a darkened world." It's a preview campaign setting for d20 Modern, and it's "in the tradition of Resident Evil, Special Unit 2, Alone in the Dark, and Buffy the Vampire Slayer."
The most interesting thing to me are the rules themselves. Apparently, d20 Modern's changes to the core rules include the usual, like VP/WP instead of HP, and Defense instead of AC, but there are some surprises:
Armor doesn't add to Defense, instead it reduces damage.
The five classes in Shadow Chasers represent areas of expertise -- The Charismatic Hero (CHA), the Dedicated Hero (WIS), the Fast Hero (DEX), the Smart Hero (INT) and the Strong Hero (STR). (There's a sixth one in D20 Modern for CON).
Prestige classes are an integral part of this new system, and include the Mage, the Mentor, the Soldier, the Thief and the Slayer. There are 11 more in d20 Modern's core rules.
PCs can spend Action Points to influence die rolls.
Alignment is optional.