Paizo Publishing and Azora Law have published the initial draft of the Open RPG Creative license (ORC) for public feedback. This license was concieved of during January's Open Gaming License (OGL) controversy and was designed as an independent, irrevocable replacement for that license. Also available is an FAQ, or the 'Answers & Explanations" (AxE) which explains the structure.
Commentary can be left until April 21st, and the intention is to finish the license by the end of April.
So what is ORC? It's an open license which can be used by any creator to 'open' their game up so that other creators can use it. It is independent and irrevocable, and cannot be updated or revised.