Arcanium 101 is a new series by Mercedes Lackey. Not quite Hogwarts in New York or the X-men, this has a bit of the flavor of both.
Funded by Ria Lewellen, this is a school for wild talents set in a former mental hospital. Run by Kayla and Grace, teachers include some old friends from the Bedlam Bard series.
Late 2007 release date

Welcome, New Students Chapters

Chapter 1
Chapter 2
Chapter 3

Links

More about Mercedes Lackey
Heralds, Companions and Velgarth
Mercedes Lackey’s website
Cover artist Jody Lee’s website.
The DAW Books website
The Tor Books website
The Baen Books website
The Secret World Chronicle website