Much of this may be old news, but it's on the front page of their site and the art is super pretty, so let's post it here even if it is. The book is going to $25 cheaper than I thought it might be at one point. It should make a fortune.
I had an interesting dicussion with an Andrews McMeel rep about this book, in that despite Watterson's prickly reputation they expected production on this book to go really, really smoothly.
I suspect massive-chunk collections will be the preferred mode for major strip reprints for a while now, as the economics kind of suggest it, and I hope that Fantagraphics' Fall 2004 catalog might have word of their first such project. There was a rumor among comic strip people that it might be Little Orphan Annie or Dennis the Menace.