Right on the heels of Pro Tour Valencia comes the 2007 Magic Invitational. Basically the "all star game" for Magic, the Invitational features sixteen of the best-known names in Magic on the year, playing in a multi-format, round-robin tournament. I'm not going to really cover this one, although I may comment on fun aspects of it. The really interesting thing for me is that the winner each year gets to design a card -- and these cards frequently end up being fun, competitive cards. Some recent-ish examples:
Dark Confidant - Bob Maher
Rakdos Augermage - Terry Soh
Solemn Simulacrum - Jens Thoren
The other interesting change this year is the return of the Invitational to real cards; in the last few years, it's been run using Magic Online. This year, they're not only back with real cards, they're playing out the Invitational at this year's Essen Game Fair. Essen is the biggest show in the boardgaming business, and placing the Invitational at Essen is a material representation of the way the American and European game industries have come solidly together in the last few years. Probably the best place to read about ongoing events and announcements at Essen is at Boardgamegeek. Continuing coverage of the 2007 Invitational can be found here on the Wizards site.