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ARM today announced a new member of the Cortex-M processor core family, 
the Cortex-M4. It is advertised as a "DSC (digital signal controller)", 
a hybrid between microcontroller and DSP (digital signal processor). In 
features the M-series' Thumb-2 instruction set, and DSP extensions like 
single-cycle MAC (multiply-accumulate), a hardware divider, and an 
optional single precision FPU (floating point unit). The target clock 
speed is 150 MHz.

From the available information it seems that the Cortex-M4 will be 
competing with "TI's C2000 
family":http://focus.ti.com/mcu/docs/mcuprodoverview.tsp?sectionId=95&tabId=1531&familyId=916, 
which includes devices at similar clock speeds and optional FPUs, and 
Microchip's slightly lower-end 
"dsPIC":http://www.microchip.com/stellent/idcplg?IdcService=SS_GET_PAGE&nodeId=75. 
Applications cited by ARM range from motor control to audio processing.

According to the press release, five semiconductor companies, including 
NXP, STMicroelectronics and Texas Instruments have already licensed the 
Cortex-M4.

More information:
* "Press 
release":http://www.arm.com/about/newsroom/arm-launches-class-leading-cortex-m4-processor-for-high-performance-digital-signal-control.php
* "Cortex-M4 product 
page":http://www.arm.com/products/processors/cortex-m/cortex-m4-processor.php