The new format, called BDXL, can hold up to 128 GB on a write once blu ray disc, and 100 GB on a rewritable disc.
There is bad news though. Because this new format requires a laser that can penetrate 3 to 4 layers deep into the disc, the PS3 probably won't be able to access these discs (even with a firmware upgrade guys). A more powerful laser probably is needed.
However, don't expect to see these disc in circulation too soon. From experience, it takes a while for new technology to be implemented into society. Sometimes, it is even rejected (remember the Nintendo Gamecube).
Information Week 05/04/2010: However, the higher number of layers require a more powerful laser, so the new format is not backward compatible with current hardware used to record data or play today's Blu-ray movies. As a result, adoption of the new technology will likely be slow, until manufacturers start releasing new hardware that can play and record the old and the new formats.