Sooooo...the big recent news is that Nusra has dissolved itself and re-created as Jabhat Fateh al-Sham (Front for the Conquest of the Levant).
Watch the press conference:
YouTube: https://www.youtube.com/embed/oossAtDYbrs
Or read the transcript:
http://www.longwarjournal.org/archives/2016/07/transcript-of-abu-muhammad-al-julanis-speech.php
Read the founding declaration:
http://ummahislam.net/jabhat-al-fath-al-sham-from-its-own-words-official-founding-declaration/
The big news is that JFS claims to have now cut external ties - which most take as meaning Al Qaeda. But that misreads the situation...
Abu Muhammad al-Jolani, the "director" (not emir) of Nusra and now JFS, gave his bayah to Zawahiri - that's man to man, not from Nusra to AQ. So even with the dissolution of JN, he is still Zawahiri's man. Similarly the line about external ties is a clever bit of linguistic misdirection - as many senior AQ people are already in Syria and are therefore "internal" (i.e. their deputy leader has probably been in Syria since 2015). So JFS remains within the AQ sphere.
Note that the last media release from JN's White Minaret media arm - which had previously only posted official JN content - was an audio message from Zawahiri and his general deputy Abu al-Khayr; usually this would be released by AQ's official as-Sahab media arm - at the end the mask can slip.
So why did they do this? Many have suggested it's because of the pressure of Russian and American bombing, as well as the increasing agreement between those two countries re: some aspect of Syria. That's partly true - although Russia was always going to carry on bombing and the USA has quickly announced that they consider JFS to be a terrorist organisation just like JN.
The bigger reason seems to be as a response to regional issues. Nusra has always operated amongst the rebels, rather than against them all as IS has. But JN had become too publicly known as an AQ front. Now by "cutting links", JFS can once again claim to simply be part of the Syrian jihad and re-embed itself among the rebels; expects mergers with ideologically sympathetic groups and coalitions featuring more "moderate" rebels in future. Some local governments might even consider funding JFS as it is now "non-AQ" (after all, the US supports the SDF - a front for the YPG, which is a front for the terrorist PKK).
Note that at the same time sources suddenly leaked / revealed that al-Jolani's real name is Ahmed Hussein al-Shara and that he is a Syrian native - in other words, a local face for a local force. His "al-Jolani" kunya (military pseudonym), which could refer either to the Israeli-occupied Golan heights or the Jolan district in Fallujah (al-Jolani fought for IS in Iraq) is now less useful than a local identity.
JFS will be able to use these alliances to re-situate itself at the heart of the rebellion, making efforts to get rid of them much harder. With this cloak of local legitimacy they can seek to control the direction of the Syrian Jihad until the point comes when they are powerful enough to reveal their true nature.
If you want to see this in action just watch the press conference: Jolani deliberately dressed like UBL, flanked by Abu Faraj al-Masri (a senior AQ member since the 1990s) on one side and Abu Abdullah al-Shami (a young, more junior cleric) on the other. No doubt al-Shami was chosen over a more famous cleric like the AQ-linked al-Muhaysini (who is Saudi) precisely because, as his name suggests, he is a local.
So JFS might just be a re-brand but it's more than purely cosmetic.