This is a new sci-fi zine that's put out a call for submissions of literary fantasy and sci-fi ala Ursula K. LeGuin and Neil Gaiman. 1000 to 3000 words and payment is 5cents a word. There's no launch date set at this time. You can find the details here http://3and5.com/submissions/
UPDATE: I've gotten quite a few hits from people looking for the editor of 3&5 so I checked out Ralan.com (and if you're searching for markets this is one of the best sources out there). They have Ethan Fast listed as editor and the 1st issue is to launch in mid November.
UPDATE: 3/15/13 Ralan has declared this market dead.