Recently Zend have released a preview version of their upcoming PHP 5 framework. Developers include Andi Gutmans and Chris Shiflett - big names in PHP. Extreme Simplicity is the driving idea. Whether it is true remains to be seen.
The framework is based around the MVC design pattern, and provides a whole bunch of extra functionality for speeding up application development. Beware, the current release is definitely 'alpha' stage and there are still bugs abound.
At a first glance I am really liking what I see. There's nothing terrifically revolutionary here but not many frameworks have names like Zend and IBM behind them.
Some hot debate has being going on at Sitepoint, with some amusing bashing both to and from Chris Shiflett.
It's all really interesting for me, I am looking to take up an MVC framework which will take care of the mundane things in development. If the forthcoming Eclipse plugin is of the same high standard I think I will have found a winner.