They are starting subscriptions today and will continue through April 2 at which point they will implement their long term investment strategy. There is usually a 0.75% purchase and redemption fee on this fund, but the fee is waived during the initial 2 week subscription period. My take is that the fee may eventually be reduced, as they have done with some other international funds in the past.
Expense ratios are higher that the typical vanguard fund at 0.60% for the investor shares ($3,000 minimum initial investment). ETF shares will also be available at an expense ratio of 0.38% (and without the purchase redemption fee!!).
The vanguard press release claims this fund is "the only international index fund in the industry to offer exposure to small-cap stocks of both developed and emerging markets outside the United States in a single portfolio". From what I know, I think this is accurate. I have an allocation to international small cap and currently get that exposure through SCZ (it is an ETF). But SCZ has no emerging markets exposure, just MSCI EAFE countries.
Hope this helps some of you slice and dicers!