SDXC is the latest generation of the SD card format, and boasts even higher capacities than SDHC and faster read/write times. They are ideal for HD movies, but they are expensive.
SDXC cards can have a capacity of 32Gb right up to a theoretical 2Tb (2,000Gb). Their application for stills photography may be limited, but they are perfect for the latest generation of solid-state HD movie cameras.
Panasonic has announced (January 2010) two new SDXC cards in 48Gb and 64Gb capacities. These cards are, however, fearsomely expensive compared to regular SDHC cards, though presumably prices will fall eventually. They can store over 6hrs and 8hrs respectively of high-quality full HD footage and are designed for the company's latest HD camcorders and cameras like the Lumix GF1 (above), though there is currently some doubt whether the GF1 (or Panasonic's full HD GH1) will be SDXC-compatible without a firmware update.
Panasonic's latest SD camcorders and compacts do take SDXC cards, though, and it seems likely that the format will be taken up by other makers too.