One of the most frequently asked questions at Military.com is how the new GI Bill is working. I could go into long descriptions here, but it is thoroughly explained elsewhere at Military.com. So, I'm compiling a list of links that should answer most questions about the GI Bill.
The main GI Bill page is located here. The "new" GI Bill, also called the Post 9/11 GI Bill, is scheduled to go into effect August 1, 2009. You can also look for information applying to Guard and Reserves.
If you were hoping to go to a private college and take advantage of the Yellow Ribbon program, you might find this article interesting: Fiscal Crisis Threatens GI Bill Program.
Comprehensive and up-to-date coverage can be found at the Military.com's Military Education Blog.