3 minute explanation of Ethereum by inventor Vitalik Buterin.
Ethereum is a platform that makes it possible for any developer to write and distribute next-generation decentralized applications.
Borrowing the concept of distributed consensus and cryptographic proof that makes cryptocurrencies such as Bitcoin so effective in trustless payments, Ethereum extends the use of these technologies to trustless agreements. This allows developers to easily build innovative new products on a censorship and collusion-resistant foundation.
Ethereum will go live in Q4 2014, in the meantime we are regularly releasing alpha software so you can try your hand at building distributed applications.
Main site: https://www.ethereum.org
Code Releases: https://code.ethereum.org
IRC Freenode: #ethereum