What's so as of Jan, 2010:
1. The original Ping Eye2 wedges manufactured before 1990 were grandfathered for professional use, which means you can use these wedges in any form of play regardless of the new USGA regulations. Ironically, it was the Ping Eye2 model, afterall, that started this whole controversy about square grooves (aka U-grooves) and ball spin.
2. The PGA, European and LPGA Tours were given priority for the new wedge rule affecting all manufacturer's models this year. From what I understand the conforming wedge models from all the major brands are in limited production for the tour players. However, only Titleist will have its full conforming Vokey wedge line available for the launch of the Futures Tour, which begins March 19.
3. The Driver-Wedge (aka Bomb & Gouge) strategy of many tour players may end with the new groove rule. The rollback to the USDA 1984 rule will rule out bombing one's drive just anywhere near the green. Hitting fairways in regulation may matter again (although tricking up the golf courses probably won't change).