As anticpated, Tropical Strom Irene has formed ... moving slowly to the west-northwest. There is some good news and bad news with this storm.
There are a lot of land masses between it and Florida, which will interfere with the strength. (Dominican Republic, Haiti, Cuba)
BUT ... there waters down there around Florida are very warm and other environmental factors are right to support storm growth.
Some models have this things getting quite strong ... while in the Florida Straights. (between Cuba and south Florida)
It isn't moving very fast ... so there is time to watch this and see what it will do and where it will go.
I don't believe in over-reacting, but I also believe this is your window to start thinking about what you might do in the event it does strengthen and move your way. (speaking to residents of Florida)
You can click on the picture below to make it bigger. This is the official forecast track from the National Hurricane Center.