Riddell posted a quick blog post on his personal site about there being a KDE Neon launch party on Saturday night in Brussels followed by a talk on Sunday about the new project.
The new project site so far just mentions that it's a KDE incubator project and it's about "the freshest KDE software." Official details beyond that are scarce. The FOSDEM 2016 talk schedule does mention the project as "Neon is a project to make daily packages for KDE. Users who want to run the latest KDE for developement, testing or just try try out can use Neon, this talk shows its history and how it works."
KDE Neon seems to be the evolution of Project Neon which was around for quite some time and was providing the latest KF5/Plasma daily packages for Kubuntu users. As far as what's new with KDE Neon, that isn't clear yet, though I would take a guess that it will now be more independent of Kubuntu and perhaps aiming to be its own KDE Linux distribution. We'll know more by the end of this weekend.