So the "new" drug going to Phase 3 trials late in 2013 is FIAsp - a new formulation of insulin aspart with faster onset than NovoRapid (NovoLog in the US). The new study will be called "Onset". Here is Novo's announcement:

http://www.novonordisk.com/include/asp/exe_news_attachment.asp?sAttachmentGUID=eb27510c-b564-43b8-a3b0-f9fc2d833f16

Here is Novo's monologue on NovoLog:

http://www.novonordisk.com/images/diabetes/pdf/Novorapid%20Product%20Monograph.pdf

What I have not been able to determine yet is how different FIAsp is from NovoLog. What I do have from these and some of my other sources are the times to max concentration in the bloodstream (T max):

Afrezza 12 - 17 min

Exubera 55 min

NovoLog 52 min

human insulin sub Q inj 145 min

So even if this FIAsp is "faster", it has a long way to go before it infringes on Afrezza.