I've been following the development of Inkscape for awhile now, and was just reminded of it by a blurb on Slashdot. Today's the day I'm gonna give it a run around the racetrack. Check out the Screenshots for a good visual overview of its capabilities. My complaint at this point is that the interface looks like Windows crap circa 1995, but it looks like it has some VERY cool abilities that I've not seen in other applications.
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Open Source Scalable Vector Graphics Editor

Inkscape is an open source drawing tool with capabilities similar to Illustrator, Freehand, and CorelDraw that uses the W3C standard scalable vector graphics format (SVG). Some supported SVG features include basic shapes, paths, text, markers, clones, alpha blending, transforms, gradients, and grouping. In addition, Inkscape supports Creative Commons meta-data, node-editing, layers, complex path operations, text-on-path, and SVG XML editing. It also imports several formats like EPS, Postscript, JPEG, PNG, BMP, and TIFF and exports PNG as well as multiple vector-based formats.

Inkscape's main motivation is to provide the Open Source community with a fully W3C compliant XML, SVG, and CSS2 drawing tool. Additional planned work includes conversion of the codebase from C/Gtk to C++/Gtkmm, emphasizing a lightweight core with powerful features added through an extension mechanism, and the establishment of a friendly, open, community-oriented development process.