First, some background.

The people at WoTC want to support Eternal formats at all levels of competitive play. Unfortunately, the format is simply too expensive for something like a Pro Tour and associated qualifier season to be economically viable. The price of key staples would be even higher they are now if they did this, due to increased demand. And because of the reserve list, they can't simply print more.

So, a new format is coming. It will be released later this year, with high-level events next year and probably a Pro Tour in 2012, assuming the format catches on. Here's how it will work.

1. Normal constructed Magic rules apply. This isn't a special-rules format like EDH or Planechase.
2. All cards printed during Masques block and later blocks, plus associated core sets, are legal (except banned cards, of course).
3. Nothing ever rotates out.

One point of uncertainty. My source says they haven't definitely decided on Masques block as the cutoff yet, but it will be around that time.

With the ability ro reprint staples if necessary, the people at WoTC hope they can make a non-rotating format which is accessible enough to use in a PT and qualifier season.