I have no idea if you've seen the MTV Movie Awards, but if you have you might have noticed that Jack Black went wearing a Brütal Legend t-shirt.
The majority of the press didn't ask him what these two words of awesome meant, but MTV News did. There is scarce little information but what information there is is interesting. Basically: the game is coming "someday," the PR man from Sierra has no comment on whether the Activision-Vivendi merging will affect the game, and we can expect new information "soon". Soon can't come soon enough, really.
Source: MTV Multiplayer