Yeah I saw that news earlier - it looks like the FOTA will start their own series unless maybe Eccelstone decides to cave and meets the demands. Doesn't sound likely though.
I'm not a big F1 fan, but this new series sounds promising, especially if they bring it to the US and Canada for at least one race.
2008 Interlagos Blue E93 M3 - M-DCT
2011 Salsa Red Jetta TDI Sportwagen - DSG