At this point, I don't think anyone besides me is reading this (if someone is, apologies for the unintended slight; no, you're not chopped liver ;) but, hey, for posterity (and as a reminder to myself) I'm laying out the timeline for launching this journal here.
An open call for submissions will go out at the beginning of April, and, hopefully, an ad will appear in the P&W classifieds on April 9.
Because Melusine is a brand-new endeavor and I want the call for the first issue to reach as many talented ears as possible, I will probably be accepting submissions for most of '08. But all submissions will receive an answer within 6 months of receipt (I know from being on the other end of things that 6 months is pretty much the breaking point for waiting on an answer :)
Production will begin at the end of '08/beginning of '09, and I plan to release the first issue in early Spring '09 (ideally, on the date of the equinox, for a seasonal vibe. I'm all about the seasons.)
That's the plan for now. Check back for more details in April. Happy New Year!