VirtualBreadboard (VBB) is an application for rapidly modeling, simulating and synthesising high-level microcontroller based electronic circuit applications.
Fritzing is an open-source initiative to support designers, artists, researchers and hobbyists to take the step from physical prototyping to actual product.
Not exactly open hardware news but Linux has been the "brain" of manny awesome open hardware so this is a news Harkopen.com worthy. The site will relaunch soon supporting the linux movement.