Gabrielle at Contextual Life put up a great post about it this evening so I won’t repeat it, but if you don’t follow Gabrielle you can read her post here.
The important thing to know is that at this very moment, you can download Forty Stories in pdf or ebook format from Harper Perennial. The project started as an open call to writers and has been running for three years without my knowing about it! I love anything that keeps good short stories in circulation. I will be paying much better attention to the Fifty-Two Stories Project in future.