Yeah, also saw that yesterday. Too bad I'm a satisfied paying FontAgent Pro customer already. Nevertheless I gave it a quick runthrough and it looks very intriguing. When I have a couple of spare hours I'll need to fully install and configure it in another user account so as not to disturb my FAP setup.
I find the business model for Font Explorer X pretty intriguing, even if it's not entirely original: Linotype distributes the software for free and seemingly expects to recoup their costs through the integrated font shop. The whole application and business model reminds me a whole lot of iTunes. Hope Linotype can pull it off.
Off the top of my head, Font Explorer X is missing two key features that FAP has: Classic support and integrated font repair.