Last month FamilySearch, Archives.com, and findmypast.com announced a community project for indexing and publishing the 1940 US Federal Census. The census will be released by the government on 2 April 2012. The three will engage volunteers to index the census, and then it will be published for free on all three websites.
Additionally, Archives.com and findmypast.com will make “substantial financial contributions to make the 1940 US Census online name index possible and work with nonprofit FamilySearch to bring additional new records collections online.”
This should make for a good horse race… and a good comparison of the quality of FamilySearch indexes and Ancestry.com indexes.
The full text of the FamilySearch announcement can be read online.