Has HERA reached a new QCD regime?

These notes are a summary of our efforts to answer the question in the title. Our answer is in the affirmative as: (i) HERA data indicate a large value of the gluon structure function; (ii) no contradictions with the asymptotic predictions of high density QCD have been observed; and (iii) the numerical estimates of our model give a natural description of the size of deviation from the routine DGLAP explanation. We discuss the alternative approaches and possible new experiments.