I have never heard of him but appearantly he has a big following. And it appears that a very large number of people don't like him - enough to create a bunch of new accounts here at HN just to comment on his persona.
Fog Creek has to me always been about Joel on Software. And to me they always got a lot of credit and extra attention to their products because of his excellent writing. It must be hard for a new CEO to follow up on that.
As for the product; it has already been announced and discussed here earlier.
Personally I fail to see what it adds to an already crowded space of online, web-based, collaborative development environments. Honestly I think has too few features and is kinda ugly. But given that Trello and Stack Overflow has very large user bases maybe it is able to push thru and gain critical mass.