Yep, that's right, Piranha Games are doing it, based on the UT3 engine, and according to the preview and interview on IGN, it's will be awesome.
As I need to promote my gaming blog a tad, I hope you don't mind if I link there instead of directly to IGN :P Feel free to post directly to IGN though 
 
an austrian gamer
Oh how I loved the 4 original ones to death!
                
            As I need to promote my gaming blog a tad, I hope you don't mind if I link there instead of directly to IGN :P Feel free to post directly to IGN though
 
 an austrian gamer
Oh how I loved the 4 original ones to death!




