maiden flight is today in france, weather and technical problems permitting.
personally i don't see the use for it. the 747 is already capable, if operators really want to squeeze people inside, of carrying 500 passengers. what is airbus hoping to achieve with that monster plane beats me.
so far the project is more than a billion euros over budget and airbus needs to sell at least 250 to break even. they only have 150 commitments for now.