Funimation.com is running the newest incarnation of Fullmetal Alchemist on their site. It's apparently a more faithful adaption of the manga arc, especially since that's apparently finished now. I've watched eps 1-3 so far, and they're doing a rushed variation of the eps from the first series (I guess the original anime was accurate up to a point). Animation is a little different, and they let more humor in this time (Don't mind the animation, although I like the original series better. The humor breaks though...eh, I got used to the more consistently series tone. But I'll live), and of course, the stuff that was in the first series is being a little glossed over. But then, hopefully that means the 'new' material will show up sooner. Still, it's good, if a little odd to watch after getting the first series on DVD and watching it for the past year or so...
DVDs are not available yet, because the series is still running in Japan. The American team is working on dubbing as they get episodes though, and from what I understand, the whole original english cast will be in on it (not so much with the Japanese cast, though, from what I understand).
Anyway, Funimation is running subtitled episodes roughly a week after they air in Japan, and the newest is episode 37.
Watching is free. And the connection is pretty good; even on my crappy DSL the only time it's siezed up on me is when the phone rang (which is...normal. :P)