Embraer C-390 = the new Hercules?

Embraer have confirmed that they’re working on a new twin-turbofan military transport in the C-130 weight class, the C-390.

http://www.flug-revue.rotor.com/FRTypen/Fotos/embraer/C-390/C-390Ar.jpg
http://www.deagel.com/news/Embraer-C-390-Military-Transport-Aircraft-under-Study_n000001851.aspx

Write-ups in Flight International, the Financial Times, etc.

Not yet formally launched, but could be by the end of the year.

What think ye all? Will it fly? Any chance of it being the new Hercules (i.e. the standard to meet or beat in its class)? Will it sell?