It's up and running now, and pretty cool! Free apps don't require PayPal but the paid ones do (obvious). I definitely like the speed of the app and the downloads. Focus doesn't seem to be on selling you apps but rather extending functionality of your BB. A definite improvement over what Handango tries to install every time I go to their site using my BB browser. If you signed up to get more info earlier you should have an email in your inbox. If not, check this page out:
http://www.blackberry.com/appworld/download on either browser. You'll have to submit your email for them to send you a d.l. link, but I think it's worth it.
BTW, this is NOT an April Fool's joke.