Yes, Studio J is a new digital scrapbooking product that Close to My Heart has been working on. Consultants have been 'beta testing' it for several months, and it is scheduled to be released sometime in April.
The program is very easy to use - there is nothing to download to your computer, everything is done online. The scrapbook layouts are based on templates from the CTMH books (Cherish, Imagine, etc) and the patterned papers and cardstock are from existing CTMH kits. So, you can create some scrapbook pages using traditional papers and also others using Studio J, and they will go together. Photos are automatically re-sized to fit the photo mat. You can add ribbons, buttons, brads, and other embellishments, and have the ability to make them any color that matches the specific kit papers that you are using. The price will be $12.95 for a 2-page layout. The 12x12 printed pages will be shipped directly to you. Note, that there is no charge to 'play' with Studio J if you would like to use it to plan some pages and then scrap them traditionally (with paper).
Be sure to enter your email address at the studioj.com site and CTMH will notify you when the official release date is announced.