OpenGL 3 is the official name for what has previously been called OpenGL Longs Peak. OpenGL 3 is a great increase in efficiency in an already excellent API. It provides a solid, consistent and well thought out basis for the future. OpenGL 3 is a true industry effort with broad support from all vendors in the ARB. The OpenGL 3 specification is on track to be finalized at the next face-to-face meeting of the OpenGL ARB, at the end of August. This means the specification can be publicly available as soon as the end of September, after the mandatory 30 day Khronos approval period has passed. Also presented today were the changes to the OpenGL Shading Language that will accompany OpenGL 3.
There are links to the presentation materials at the Khronos Group website.