It's been a long time coming and we've gone through a number of phases where we thought it was just around the corner. But today I can tell you, with more than a little excitement, that we've officially launched a new era in the history of the Queen of the Skies.

We've talked about this as the 747X, or more recently the 747 Advanced. Today Boeing made it official, launching the 747-8 program. That's right, 747-8. That includes what we're calling the 747-8 Intercontinental (the passenger version of the airplane) and the 747-8 Freighter.

The new 747-8 Intercontinental. "The Shape of the Future."

So, why call it 747-8 and not 747-500, or  -600, or something like that? The simple answer is we decided on -8 because of the connection to so many of the 787 technologies that will be incorporated into this new airplane.

We're thrilled that our launch customers are Cargolux, based in Luxembourg, and Nippon Cargo Airlines, based in Japan. These initial orders are for the freighter version, by two industry-leading air freight providers, one in Europe, the other in Asia. I'm expecting strong interest in the passenger version as well. In fact, our estimate is that well over half of the orders for the new 747-8 will be for the passenger version!

Overall we think there's a market for about 900 airplanes - passengers and freighters - in the 400-plus-seat segment over the next 20 years. And clearly the 747-8 is an attractive airplane in that segment.

The 747-8 is a "stretched" version of our popular jumbo jet. The 747-8 Intercontinental will carry 450 passengers in three classes, compared to 416 in the 747-400. The new passenger version will be 3.6 meters (11.7 feet) longer than the 747-400, with slightly longer range. It's going to be 16% more fuel efficient than the 747-400 and 14% more fuel efficient than the A380.

One of the great things about the 747-8 Intercontinental is that with its improved fuel consumption and other efficiencies it will have the lowest seat-mile cost of any passenger airplane.

The new 747-8 Freighter. Continuing in a tradition of unmatched efficiency.

The 747-8 Freighter is stretched a bit more - 5.6 meters (18.3 feet), with about 16% more revenue cargo volume than the 747-400F, with slightly greater range. This 140 tonne (154 ton) total payload capacity freighter (including tare weight) will cost 20% less per trip, with 23% lower cost per ton than the A380.

Both versions will take advantage of the new advanced engines developed by GE for the 787 Dreamliner.

Firm configuration for the 747-8 is scheduled for late next year, with rollout sometime in 2008, and first flight later that year. The first new airplane - a Cargolux 747-8 Freighter - will enter service in September 2009.

We're dubbing the 747-8 program "The Shape of the Future." And it's certainly shaping up to be a bright one for the world's most popular airplane icon. I'm starting to really think it may be time to get out those shades soon.