Does the "Fabulous 40" exist for 2010. If so where can you get it? Is there an automated way of installing all 40 on a new install of 2010?
No, but you can build one by standing up a 2007 farm, creating a Fab40 site, then upgrading to 2010, then export the .wsp. Admittedly a bit of messing around, and not everything will work. But the good news is a community member has already created the wsp files and made them available for download, which should save some time.
And to be honest, some of them weren't that fabulous, so think of them as a starting point for development of new site templates.
No, these will not be available for SharePoint 2010, quote from original article:
Microsoft is not releasing new versions of these templates for SharePoint 2010 Products. Also, .stp files are deprecated and can't be used to create new sites when you upgrade to SharePoint Server 2010 or SharePoint Foundation 2010.
You could still install and use some of them but I wouldn't recommend that. Check this article for additional guidance and links on Fab40 upgrade.
Fabulous 40 are not supported in 2010, and in some environments you'll have issues upgrading them to 2010 (missing templates, templates not 2010 compatible, missing features, etc.)
Somebody has worked on an update of these templates for SP 2010 (disclaimer: not tested):
Another series, for Foundation, here: