You heard it right, AM3. It seems AMD will soon(later more than sooner) strike back at Intel. Recent road maps have showed that AM3 and K8L with both be released in the same general time and that current AM2 boards will support AM3 CPU's. AM3 will be able to support both DDR2 and DDR3, but a new motherboard is needed for DDR3. More info here: http://www.dailytech.com/article.aspx?newsid=3169 I didnt feel like restating it all.
I think the name is misleading, but the idea is reasonable. one thing though, why would a new board(When I say board i mean socket, I beleive it highly probably a new chipset would be needed though i foresee two-in-one chipsets) be needed for DDR3? DDR2 and DDR3 are speced to have each connection pathed the same.
Since Im not in the mode for explaining myself, heres a quote from the article. "This also infers that AM3 CPUs will have both DDR2 and DDR3 support on the integrated memory controller. DDR3, like DDR2, has 240-pin, but the two formats are not pin-compatible."
DDR2 and DDR3 are pin compatable. it is possible to have a board support both. Will current boards support both, nope. Will future? possibly.