Sponsored by the Grand Chess Tour, the Kasparov Chess Foundation, and Chess Club and the Scholastic Center of Saint Louis; and devised by Mr. Maxime Rischard, Dr. J. Isaac Miller, Dr. Mark Glickman, and Mr. Jeff Sonas, the brand new Universal Rating System is now up and running.
It's probably not a coincidence that the sponsors aren't overwhelmingly enamored by FIDE. In fact, this is at least the second time Garry Kasparov has tried introducing an alternative rating list in competition with FIDE's. This doesn't mean that it's not better than the FIDE rating formulas - I'll leave an assessment of that to the experts. But it's pretty easy to be skeptical about whether it will have any effect in the chess world. Time will tell.
Meanwhile, if you're curious about it, the FAQs are here and the list of top players is here.