More info about the D&D Starter set can be found here. It's even going to have a red box.
An interesting post and discussion over at Grognardia.
Some seem to think that the set will only cover 1st and 2nd level characters. I agree that this could be limiting. But then again, the Moldvay basic only covered 1st through 3rd and it is considered a classic.
I'm still interested. We'll see what develops.