With IntelliJ now being available under an Open Source license, developers have another option to choose from when it comes to Java-based IDEs/Frameworks (Eclipse and NetBeans being the other two prominent ones). Choice is always good, and being an Open Source enthusiast, I of course welcome JetBrain's move!
However, as I'm not really a heavy GUI-based IDE user myself, I can't really comment on which one is the best. These kind of discussions tend to turn into a Holy War anyway... In the end it's likely that each of them gets the job done and you have to come to your own conclusions, based on your personal preference and requirements.
I personally would be interested in seeing how their support for PHP or Python compares to the one in NetBeans. Their plugin repository lists more that 560 plugins, including many for database connectivity/modeling/navigation (incl. support for MySQL). I'm also glad to see that they have a plugin for Bazaar, something that I'm desperately missing from NetBeans!
Interestingly, they decided to keep a few parts proprietary, it's going to be interesting to see how this will turn out for them and if developers will be willing to pay for these extra features, considering that most of this is available for free from the other two projects.
Their Contributor License Agreement looks like it has been derived from the Sun Contributor Agreement (SCA), which is always nice to see. I assume this can be attributed to Roman Strobl - I was positively surprised to notice that he joined their team as a technology evangelist in June! Roman did a great job in spreading the NetBeans and OpenSolaris gospel at Sun before and I briefly met him at this year's FOSDEM conference in Brussels. Congratulations!