Blue Waters is a project to deliver a supercomputer that can provide petascale-level computing power. It is located at the National Center for Supercomputing Applications (NCSA) at the University of Illinois at Urbana-Champaign. One year ago, they began a partnership with Cray, Inc. to install this system.
The Blue Waters system has entered the availability testing period. The Blue Waters team has published a report that describes their progress over the past year. You can read the report on the NCSA website or as a PDF attachment.