Not a "new form of life" in that it is something unrelated to life as we know it. It is a member of the
proteobacteria that has figured out a way to live using arsenic in the place of phosphorus in some (or many? or all?) places where it is normally used. An important finding, but no new kingdoms will come from it.
http://arstechnica.com/science/news/...d-proteins.ars