Here is a link that talks about the new seating section along the 3rd base side and the naming rights they sold.
http://chicago.cubs.mlb.com/news/press_releases/press_release.jsp?ymd=20080225&content_id=2388325&vkey=pr_chc&fext=.jsp&c_id=chc
You will be able to get season tickets for these seats via an auction. You will not be able to renew them for next year. There will be a new auction every year.
It also looks like the 1st row of the other premium seats will be sold through an auction as well.