At the time of posting they have raised 263,000 ETH (5417 BTC / 2.45 Million USD) and riased ETH prices by ~20%

The DAO

From what i can tell this project is a DAO that secures a pool of funds (ETH) controlled by token holders to develop products and services proposed by 'contractors'. The contrators propose a product or service to seek funding, if the funding is approved; the product/service created will be coded in a manner that benefits DAO holders by either returning ETH to 'The DAO' fund pool to grow its potential or pay a dividend to DAO token holder and/or providing benefits to DAO token hodlers directly.

Current price is 1 ETH per 100 DAO token

Slock.it will be the first to propose a contract with 'The DAO' and the draft proposal is linked here: http://download.slock.it/public/DAO/Proposal1.pdf

Eth Address of 'The DAO': http://etherscan.io/address/0xBB9bc244D798123fDe783fCc1C72d3Bb8C189413

Check out more at https://daohub.org/

Here a few bits off the website:

Total # of tokens created: There is not a fixed number of DAO tokens, they are created in any volume by fueling the The DAO with ETH. The total volume of DAO tokens created defines the total volume of DAO tokens in circulation. For example, if 2,000,000 ETH are created during the Creation Phase, then there will be 200,000,000 tokens created, no more, no less. There is no upper limit on how many tokens can be created during the Creation Phase.

Growth rate model: The model is deflationary (see "Special Characteristics" section below).

Premine/contributor pool: None. The only DAO tokens in circulation will be the ones created during The DAO Creation Phase.

Total tokens created over time: No further DAO tokens are created over time through any automated means. There is no 'mining' involved in The DAO as the security of its token is already guaranteed by the security of the underlying Ethereum network.

Exchanges: Both Gatecoin and Bittrex are planning to support the trading of DAO Token as early as the end of the DAO Token Creation.

Minimum Creation per transaction: A user may create any amount of DAO tokens during the Creation Phase, and DAO tokens are divisible just like ETH. 1 wei creates 1x10^-16 (0.0000000000000001) DAO tokens.

Markets: Tokens will be tradable peer-to-peer and on exchanges starting at the end of The DAO Creation Phase.

Minimum token created: 5,000,000 DAO tokens.