I think so far it's just one of those "mild" tropical storms (that are twice as bad as any storm we ever see here).
There's a thread running now, but check this loop:
http://www.ssd.noaa.gov/PS/TROP/DATA/RT/float2-vis-loop.html
It hasn't been designated even a storm yet, it's just that it looks like it's developing circulation. Officially it is still just a wave. IMO, it's past being a wave though and on its way to a storm. The folks on the storm thread are freaked about it, but I don't think any of the real weather mavens are there yet.
I imagine the TPC has sent a plane out by now, will be interested in the report that it radios in. The apparent center is currently located off Cat Island, a place that has a beautiful song named after it.
The fact that it has an apparent center is one of the things that has my attention.