This is what I know. The bags are new, and are a collaboration between Prada and artist James Jean, whose art you see on the bags in the form of etheral wisps and wistful fairies. They are limited edition, but cost much less (as compared to the Louis Vuitton/Richard Prince bags), which makes them a steal.
Wristlets and clutches will be available soon, so start visiting your SA and putting yourself on the waitlists. From the Spring-Summer 2008 Womens Prada collection. Nice.