Massively.com's coverage of Champions Online has included a good summary of the project as it stands right now.
Also, Cryptic has released their first ChampO trailer. Having watched it, I enjoyed the production but the content was lacking. Still, it was a trailer to promote ChampO as it was announced, not to show off any in-game systems.
UPDATE - you can download the trailer in several version from the Champions Online website. I watched the high quality version and the comic shaded graphics look very good in motion.