It's being developed by Telltale Games, the guys responsible for bringing back Sam and Max; and like those games, "Tales of Monkey Island" will be in episode format. But they got Dominic Armato back to voice Guybrush!
Speaking of the first game, this is also being released soon as well:
The Secret of Monkey Island: Special Edition
It's got new graphics, full voice-overs, and live recorded music, but it's built right on top of the code for the original game. You can even switch between the old graphics and the new ones mid-game!