This new agreement follows the annulment of the old PNR Agreement with the USA by the Court of Justice in Joined Cases C-317/04 and C-318/04 European Parliament v. Council and Commission and its denunciation. The judgment was noted here and Professor Bignami's comment can be found here.
As for the new agreement, Council Decision 2006/729/CFSP/JHA of October 16th 2006 authorizing the President of the Council to sign it has been published here. The text of the actual agreement is here.
Also published is a letter from the Department of Homeland Security to the Council Presidency concerning the interpretation of the agreement and its reply.
Here's a statement by Micheal Chertoff on the new PNR agreement. But where's the new agreement itself ?