Yeah, like others said, not a missing link, just our oldest probable ancestor, and closest yet to our common ancestor with apes. And discovered (in many pieces) ~15 years ago, actually. What's remarkable about Ardi is the totality of this one specific specimen. To get a solid idea of what a creature this old looked like and how it behaved, you basically need a skull, teeth, pelvis, hands, and feet. Ardi had all of those in one skeleton, plus. It took 15 years to not just assemble what's there (which wasn't just in puzzle pieces, but compressed and deformed by weight and time) but to reform it into its original state, accurately. Incredibly careful, technical stuff that in many ways needed technology to catch up or new technology to be created.
What Ardi almost certainly lays out, though, is that not only did we not evolve from ape-like creatures, but that in many ways modern apes like chimpanzees and gorillas are more evolutionarily developed than we are, as far as phenotypical differences with our common ancestor. Homo Sapiens hands and feet are actually more primitive in their development. Our line really just grew larger brains and got taller. Essentially, our last common ancestor with our closest genetic relative the chimpanzee (and bonobos) didn't look much at all like a chimpanzee.
Also fascinating (to some of us science nerds) is that its teeth -- specifically, small canines in males -- negates previous assumptions about early diet and, especially, social behavior/structure. It used to be figured that the canines got reduced to accommodate the larger molars that arose from a rougher, abrasive diet, or that they weren't needed as weapons with the advent of stone tools. But
Ar. ramidus already had reduced canines millions of years before "Lucy"s enlarged rear teeth
or the advent of stone tools. The male's smaller canines most likely came about via a "generalized, nonspecialized diet."
But still, it developed away from its primary weapon in male-to-male conflict, unlike the ape line. It goes a long way to suggest a major shift in socialized behavior; along with using both the ground and trees for locomotion/habitat, this all points to regular food-carrying (walking upright makes this possible), monogamous (though probably not for life) male-female relationships, and what's called "reproductive crypsis" -- remember this term, men; it's when females don't advertise that they're ovulating, unlike in chimps. All together, these point to "a substantially intensified male parental investment" -- which was an adaptive breakthrough with countless consequences, and probably got the hominids
down the path of mostly just growing taller, with larger brains.
Of course, there's skeptics about some these hypotheses. But it's fairly unanimous that Ardi's reconstruction is monumental. Great stuff, I'm really groovin on it (if you can't tell). It's definitely going to rewrite a whole lot of previous ideas about early hominid evolution. Sorry, Kansas, it's real!
Here's the main page at
Science, made free for all (with a registration):
http://www.sciencemag.org/ardipithecus/
Also
WaPo and
NY Times sum-ups.