Got the email today (high points are below) and the concept seems sound if they can execute.  Anybody tempted??

Introducing the Fidelity 130/30 Large Cap Fund, the only Fidelity fund of its kind. It lets you tap into a "long-short" investment strategy that institutional investors have used for years.

Invest in a domestic fund that can capitalize on stocks going up -- and down.
By using "buy long" and "sell short" strategies, the fund takes full advantage of Fidelity's best thinking on which stocks may outperform and which may underperform the market. It's a strategy that has the potential to help increase exposure to market opportunities while maintaining risk exposure similar to that of long-only funds.

Experience and fundamental research set this fund apart.
Fidelity has 15 years of experience shorting stocks in institutional portfolios. And while any fund that shorts securities has unique risks to consider, the 130/30 Fund's portfolio manager, Keith Quinton, is a 20-year veteran who has steered funds through up and down markets.
Mr. Quinton employs quantitative modeling, fundamental analysis, and Fidelity's extensive on-the-ground research (900 Fidelity investment pros in 25 countries on 5 continents) to best position the fund for success