In modern terms the cosmological constant is viewed as a quantum mechanical phenomenon called the 'energy of the vacuum'. In other words, the energy of empty space. It is this energy that is causing the universe to accelerate. The new data shows that none of the fancy new theories that have been proposed in the last decade are necessary to explain the acceleration. Rather, vacuum energy is the most likely cause and the expansion history of the universe can be explained by simply adding this constant background of acceleration into the normal theory of gravity.
Cosmic Coincidence and Cosmological Constant Issues
There may be several possible explanations regarding the Dark Energy part
of the Universe’s energy budget:
(i)
The dark energy is an \Honest" Cosmological Constant
10 122 M4Pl,
strictly unchanging through space and time. This has been the working hypothesis of many of the best ts so far, but I stress it is not the only explanation consistent with the data.
arXiv:0708.0134v1 [hep-ph] 1 Aug 2007
LHC PHYSICS AND COSMOLOGY
N.E. MAVROMATOS
King’s College London, Department of Physics,
Strand, London WC2R 2LS, U.K.
E-mail: Nikolaos.Mavromatos@kcl.ac.uk
However, there is plenty of room for alternatives; one of the most important tasks of observational cosmology will be to reduce the error regions on plots such of these to pin down precise values of these parameters.
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http://nedwww.ipac.caltech.edu/level5/Marc...l/Carroll2.htmlAlthough the observational evidence for dark energy implies a component which is unclustered in space as well as slowly-varying in time, we may still imagine that it is not perfectly constant. The simplest possibility along these lines involves the same kind of source typically invoked in models of inflation in the very early universe: a scalar field rolling slowly in a potential, sometimes known as "quintessence" [22, 23, 24]. There are also a number of more exotic possibilities, including tangled topological defects and variable-mass particles (see [1, 7] for references and discussion).
There are good reasons to consider dynamical dark energy as an alternative to an honest cosmological constant. First, a dynamical energy density can be evolving slowly to zero, allowing for a solution to the cosmological constant problem which makes the ultimate vacuum energy vanish exactly. Second, it poses an interesting and challenging observational problem to study the evolution of the dark energy, from which we might learn something about the underlying physical mechanism. Perhaps most intriguingly, allowing the dark energy to evolve opens the possibility of finding a dynamical solution to the coincidence problem, if the dynamics are such as to trigger a recent takeover by the dark energy (independently of, or at least for a wide range of, the parameters in the theory).
ARTICLE
Dark energy: Seeking the heart of darkness
16 February 2007
Exclusive from New Scientist Print Edition:
The problem giving cosmologists their big headache goes under the name of "dark energy". This enigmatic entity - which could be some kind of a substance, or a field, or maybe something else entirely - forced itself into cosmologists' consciousness in 1998, when astronomers discovered that something is speeding up the expansion of the universe. Almost a decade later, it is beginning to sink in that there is no easy way to understand what dark energy might be. The problem has become so intractable that many now see it as the greatest challenge facing physics.
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Also, I will throw this in before I hear something that is too anoying as something when it is nothing!

Particle physicist Steven Weinberg and astrophysicist Martin Rees had this to say in reply to questions by readers of New Scientist: “Popular accounts, and even astronomers, talk about expanding space. But how is it possible for space, which is utterly empty, to expand? How can “nothing” expand? ‘Good question,’ says Weinberg. ‘The answer is: space does not expand. Cosmologists sometimes talk about expanding space—but they should know better.’ Rees agrees wholeheartedly. ‘Expanding space is a very unhelpful concept.’ ” (See: "All you ever wanted to know about the big bang..." New Scientist, 17 April 1993, pp. 32-3).
http://home.pacbell.net/skeptica/