It wasn't a surprise that Schneider Kreuznach announced an m4/3 lens, as they've been listed as an m4/3 participant for some time. Instead, it's that the upcoming lens will be a new, fully functional autofocus design rather than a quick update to one of their older manual focus lenses.
Schneider's first offering will be a 14mm f/2 Super Angulon. Schneider also announced that they would have two more m4/3 lenses to be released in 2013, plus will outline a full road map of what they're going to be doing at Photokina.
The bad news is multiple: details are still sketchy on the lens, enough so that I won't yet do a page on it in the lens database. Schneider promises more details and public view at Photokina, but the lens itself won't ship until early 2013. Don't expect the price to be cheap, either. At their annual meeting where the lens was presented, Schneider said their target was something below 1500 Euro, so it's clear this lens will be more expensive than the 12mm Olympus.
Update: In late June Schneider issued a few more statements. The lens is for m4/3 cameras, though it apparently can be used on some Leicas with an adapter. No NEX version is planned, contrary to rumors on some other sites. The early 2013 release date I listed (other sites listed an earlier date) is correct. About the only real new detail was that the lens will be manufactured in Germany.