VIZ's original publishing plans first hit the 'net, and since then the plan has been in limbo to some extent, as the program was put on hold and the Editor-in-Chief for the program, Marc Weidenbaum, left the company. A couple of tidbits have popped up since then, but word came out from VIZ, saying "VIZ Media is currently accepting submissions and pitches for original comics. Keep in mind that all submissions must be accompanied by a signed release form."
The post is here, and it has the release form attached to it as a PDF. So those of you who have been sitting on manga ideas, here's your shot! I've got an e-mail out that'll hopefully net us a few more details on the matter.