According to ANN Viz will screen the first eight episodes of Naruto Shippuden on January 2nd.
Eight more episodes will be uploaded every friday thereafter until all the earlier episodes are online. Then beginning on January 15th they will air the most recent episode of Shippuden within a week of its original Japanese broadcast, after which the next latest episode will air every Thursday with English subtitles.
Episodes will be uploaded to Naruto.com although they will also be uploaded to both Joost and Hulu.
In addition Viz announced that they will be speeding up the manga releases. Volumes 34-44 will be released between February and April next year which means the American release will be pretty much caught up with the current Japanese releases.