John Arthorne announced on the e4 mailing list that the first drop of Eclipse SDK 4.0 is available. This is Eclipse e4 which host itself. To give it a test spin just download. the right version of your SDK from:
Eclipse SDK 20100408-0934 Download.
If you find issues please enter a bug report.
One issues I know is that File -> New is currently empty. Use the package explorer instead (thanks to Remy Suen for the tips). Bug report.
Please note that the SDK download does not include the e4 wizard to create new Eclipse e4 projects. You have to do it the hard way.

Thanks though Download link dead
I think you find the latest download version here: https://build.eclipse.org/hudson/job/eclipse-e4-test/
What does it mean for E4 to host itself?
When a version control system (like Git or Mercurial) hosts itself I know what that means, but I have no idea what it means for an IDE to host itself.
@Dean This means that Eclipse e4 runs on top of Eclipse e4. Before this build Eclipse e4 did run on a version of Eclipse 3.6.
OK, thanks for straightening me out on that point.
What will happen with all the plugins that have been built for Eclipse 3? Will they run on e4, or will they have to be re-written for e4?
@Dean the e4 team is working on a compatibility layer which will be included in the final release. This will allow to use existing plugins in Eclipse e4.