As far as I know, it takes place between the second and third Terminator films, and from what little I've read it seems that it disregard the events of the third film. According to executive producer Josh Friedman:
"Terminator 3 for our timeline doesn’t exist, now let’s go forward."
Friedman also stated that he thinks that fans of the Terminator movies are ambivalent about T3: Rise of the Machines. It really was quite a departure from the first two and that could have been a good thing (look at the original Alien and the first sequel Aliens: both completely different yet both were awesome). However T3 was kind of a mixed bag. It did well at the box office but didn't really seem to fit as a part of a trilogy.
So now we have a TV version that supposedly will be faithful to the story of the first two films. The question is, will this turn out to be something great, or will it be another schlockfest like NBC's Bionic Woman or Sci Fi's Flash Gordon?
In any case, here are the four new posters. They seem to be much heavier on the "Terminator" part of the series title than the "Sarah Connor" aspect. I suppose a hot babe that's really a machine has more poster appeal than a militant mom. :-)
Yes, the twist is that the Terminator is a cute young thing in the TV version of the story. The character goes by the name Cameron Phillips (uber obvious hat tip to James Cameron, no doubt) and is played by Summer Glau, who was River Tam in the TV series Firefly and the film Serenity.
Official website for Terminator: The Sarah Connor Chronicles
The series premieres on January 14th, 2008.
Sources: EW & iF Magazine