The Escapist, a web magazine for game enthusiasts, recently posted an article about the new 4th Edition version of the D&D Red Box. The article describes the moment they unboxed the new set and includes a series of cool photo's showing the parcel they received from Wizards of the Coast - complete with bags of Cheetos and Funyons to make the first game session even more authentic.
At a quick glance I'm not sure existing players would find this product useful. I Guess its more of a nostalgia trip than anything else, especially as the only thing this product has in common with the original Red Box is the cover art. Having said that I do feel there has been an empty niche for a starter set to encourage younger players into the game and maybe this set will fill that role. If I get a chance to inspect this product up close I'll write some more about it but in the meantime take a look at the picture posted in this article by the Escapist.