According to AutoWeek and others the Corvette supercar project has been given a green light and will be tagged the Corvette "Sting Ray", packing a 7.0-liter 600+ hp V8 and additional carbon-fiber. Price is reportedly still in the sub-$100K range.
Apparently GM CEO Rick Wagoner has signed off on the project and it could be available as soon as 2007.
Tom Wallace, the new Corvette Chief Engineer who replaced long-timer Dave Hill (whose final project was the creation of the amazing 2006 Z06) is apparently leading the project.
Several other sources around the web (including Edmunds) report that GM is seriously considering requiring buyers to take a mandatory high-performance driving course before handing over the keys.
Performance is obviously a big question mark, but I'd venture to guess we're talking 0-60 numbers in the low-to-mid 3's (3.2 - 3.5 second) range, deep into ultra-supercar territory.