Update: Word is a new Man will be built in the next 72 hours for Saturday's Burn. Laughing Squid has constantly-updated news here:
(Thanks to metaphorge for that link!)
I thought this was a hoax, as the first internet report I spotted was on a wired.com blog (and so many of them are Burners from way-back that it coulda been a big ol' joke), but apparently it's not. Someone set fire to the Man during the lunar eclipse. A *small* part of me sort of wishes he'd burnt up, but not really, not all of me. I can say that more easily given that I'm missing it this year.
Go check the front page of http://www.burningman.com/ for further info. They only have a brief statement right now, but plan to release more info tomorrow after an investigation.
[Edited to add: a first-hand account is available here:
Biggest bummer is that the Pavilion and Man might be too unsound now, from what I hear, but the event as a whole is not jeopardized by this at least and the Man still stands. At least no-one was hurt.
[image is from http://blog.wired.com/underwire/2007/08/the-man-burns-i.html]