There have been rumblings of this for a while, but Viz is now full-blown accepting submissions for original works. Del Rey has been accepting them conservatively, and TokyoPop has mostly recovered from the aftermath of their program, so I expect Viz to be cautionary as well in their venture.
The program was launched without much fanfare: everyone actually caught it off of Viz's twitter account, and the news has spread from there.
With Viz being as large a publisher as they are, they're poised to take on any range of submissions, although they'll have fairly high standards for them, I would presume. But hey, if you've got something good, you may as well take a shot -- I'm sure Viz's contract will turn out to be a lot better than TokyoPop's situation.
Anyone going to submit to them?