I must start this thread by stating I am not in any way associated with this development, I'm just excited about it's release. \m/
Not sure how many of you have been following the progress of "Feed the Beast" over the last few months, but it looks like it's getting close to a stable release some time soon. There is a beta build available for download which currently runs on Minecraft 1.4.2 and feature many of the mods Tekkit players will already know and love. (and non-Tekkit players ofc!!)
The important difference between this pack and the Tekkit pack, besides the more up to date build of the core Minecraft files is that the modpack author definitely has permission from the individual mod authors to re-distribute the mods. Tekkit/Technic has long been burdened with a somewhat tainted reputation due to *cough* certain mod authors expressing their discontent with their mods being included in the Tekkit/Technic pack at all.
Here's a list of the mods featured so far (this list may not be updated if new mods are added so check the FTB site for more up to date info)
Subject to change
There is also a server pack download available to make server admins life a lot easier (/grin)
Please, guys... do not let this thread descend into ignorant bashing of Tekkit/Technic, FTB or individual mod authors. That's not the point here, I just wanted to spread the word a little. /hugs
Edit: Modified OP to include the video submitted in a reply by Fuzzzie: