Yes the Acid 3 test has been released. The official announcement is here, and because I loath copy/paste blog posts you will need to go there to read all the nitty/gritty about it. Pretty much Acid3 tests specifications for "web 2.0" (What the heck is web 2.0 anyways? When did the web get an update... I'm still waiting for my CD!). Too see exactly what's tested, check this out.
The cool this about this is that It shows the "Percent" on how good your browser is. Believe it or not, IE7 gets like 13%. FireFox 2.0 gets around 52%.
I'm not even going to attempt to do this in IE8 beta.