biblatex is a modern tool for typesetting bibliography with LaTeX. It is more powerful than the good old BibTeX but uses the same database language (bib-files). This makes switching to biblatex easy. You can still use the bibliography management tool of your choice (like JabRef, Mendeley etc.) provided that it supports the bib-files.
While biblatex was first publicly released in 2006, the first stable version (version 1.0) was released on 2010-11-19. As a result, biblatex is mature and well supported by the community, including the availability of several custom bibliography styles.
Update: biblatex styles:
- Main biblatex styles are described in the biblatex manual and include (as of 2011-01-03) numeric (-comp), alphabetic (-verb), authoryear (-comp, -ibid, -icomp), authortitle (-comp, -ibid, -icomp, -terse, -tcomp, -ticomp), verbose (-ibid, -note, -inote, -trad1,2,3), and reading
- German historical style by Dominik Wassenhoven: biblatex-dw
- Other styles available at CTAN (CTAN:biblatex-contrib): authoryear-icomp-tt, APA, chemistry, Chicago, historian, jura, MLA, Nature, Philosophy, Science, Historische Zeitschrift