After suspending Williams formula one team for submitting their entries for the 2010 formula one season, the FOTA teams officially submitted their entries for the 2010 FIA Formula One World Championship.
Havent had time to go over all the details, so posting the official media release from FOTA here.

All FOTA Teams have today submitted conditional entries [...]

In an expected action, the FOTA (Formula One Team’s Association) suspended Williams formula one team for registering for the 2010 formula one season as the standoff over budget proposals continues between the FIA and FOTA. Many mainstream teams have threatened to quit formula one if the current plans are executed. Ofcourse in complicated proceedings as [...]

Ferrari in an official statement of its website as well as media area threatened to quit formula one and not enter its cars for the 2010 formula one season if the arbitrary rules regarding F1 budget caps were implemented despite its and certain other manufacturer’s protests. In doing so Ferrari has become the third team [...]

A lot of mixing and matching approach has been used by the FIA to come up with the 2010 formula one rules. One of the most biting issues, the budget caps has been confirmed by the FIA but with a twist.
The budgetary cap will be optional. The teams which do adhere to the [...]

The 2009 F1 rules can be a little tuff to understand, so Red Bull made an animation to  help you to better understand the new 2009 F1 rules with respect to the 2008 F1 rules. Enjoy :

Red Bull Vettel and Webber rip through the rule book
Thanks Red Bull formula one for an excellent video.