The IEEE 1394 working group, the group behind FireWire’s development in its 400Mbps and 800Mbps configurations, have approved the new S1600 and S3200 standards.
The new standards are built around the already established ecosystem of FireWire, but just increases the speed to 1.6Gbps and 3.2Gbps – and all should be backwards compatible with the older 800 series. There are also plans for a 6.4Gbps spec, but that is not going to happen for a long time.
FireWire is competing with the new USB 3.0 standard, which has a theoretical speed of 4.8Gbps. But, we could see it fall to the back to the crowd once USB 3.0 is introduced, since USB ports are common in motherboards, and FireWire ports are rare in its 800 spec – except on a Mac.
Source: Ars Technica