Wired News:

After a week of wrangling, the International Astronomical Union decrees that Pluto does not meet the qualifications to be classified a planet. For the first time since 1930, there are eight planets in the solar system.

It's now classified (along with other small objects out that far) as a dwarf planet, because:

Much-maligned Pluto doesn't make the grade under the new rules for a planet: "a celestial body that is in orbit around the sun, has sufficient mass for its self-gravity to overcome rigid body forces so that it assumes a ... nearly round shape, and has cleared the neighborhood around its orbit."

Pluto is automatically disqualified because its oblong orbit overlaps with Neptune's.

Alas poor Pluto :)