The JGI has released the Phycomyces blakesleeanus genome. This represents the second Zygomycete genome sequence that has been released in addition to Rhizopus oryzae that was released by the Broad Institute last year. We are now getting a better look at the basal fungal genomes including the Chytrids and Zygomycetes. Much more on specifics of Phycomyces biology and history are on this site run by the group organizing the genome analysis.
I find one of the most interesting things about P. blakesleeanus is its phototropism. We know light sensins is controlled in part by the gene white-collar 1. A homolog of this gene in Neurospora crassa is involved as an oscillator circadian rhythm. Of course many more genes are involve in pathways for light sensing including some really old proteins like phytochromes.
There will be a lot of cool analyses to do with this genome beyond phototropism. I am looking forward to seeing what gene families are unique and expanded in this species relative to the other zygomycete. It also looks like it is quite intron rich much like the Basidiomycetes, further supporting the idea that fungi had intron rich ancestors.