Chemistry Central is a new initiative from the creators of Biomed Central. It will collate published peer-reviewed open access research in chemistry from a number of journals.
Chemistry Central are also launching Chemistry Central Journal a new open access journal – the content of which will be included in Chemistry Central.

You can download this podcast from the Info World blog for an interview that gives a good explanation of the major points of open access.

For the RSC perspective, see their news page.