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Larrabee can be considered a hybrid between a multi-core CPU and a GPU, and has similarities to both. Its coherent cache hierarchy and x86 architecture compatibility are CPU-like, while its wide SIMD vector units and texture sampling hardware are GPU-like.

Larrabee is a Discrete GPU developed saparately from Intel’s Integrated Graphics Chipperies.

The first product based on Larrabee will target the personal computer graphics market and is expected in 2009 or 2010. Larrabee will be the industry’s first many-core x86 Intel architecture, meaning it will be based on an array of many processors. The individual processors are similar to the Intel processors that power the Internet and the laptops, PCs and servers that access and network to it.

Sources: 

http://www.intel.com/pressroom/archive/releases/20080804fact.htm

http://www.tomshardware.com/reviews/intel-larrabee-graphics,2253.html