This product has been around for a few months, I first learned about this Report Builder utility while at the MVP summit in early March.
I finally got to take it for a test drive in the last few weeks. I am completely impressed at it's ease of use and powerful feature set, it will not replace BIDS, however can create some very useful reports.
It is light years beyond the primitive Report Builder 1.0 that was released for SQL Server 2005. If you are using SQL Server 2008, and are building any SSRS reports, you'll want to check out this free download from Microsoft.
Download available here