See it over at IGN.
The game looks remarkably better visually than when we last saw it a few years ago. Honestly, it reminds me of how Dragon Age went into hiding for years, then reappeared later significantly improved in almost every way.
Still no word on a release date, but the game is still set for a simultaneous PC/PS3 release. It looks pretty far along, so my gut tells me it's an early 2011 title, following DC Universe Online's release this Fall.