When the Pikes Peak concept was revealed (Now called the Audi Q7)a few years ago we broke the news that not only that Audi would turn the concept into a real vehicle but that they would also produce a little brother that would be called the Q5.
Audi has now officially announced that the Q5 is coming as a 2008 model.
It will compete with the BMW X3, upcoming Mercedes MLK, Acura RDX and others.
More info here