It's scheduled for a July 1st, 2011 release. After the second installment, which as far as I'm concerned lands itself in a pile of worst films ever made, sucked I can't say I'm anticipating this at all, but hey there is a silver lining!
Megan Fox is gone. Not having to look at that should hopefully help the film if only by a tiny bit, then again she WAS the only character in the whole film series that actually looked like an alien, so it might be a negative.
Michael Bay is still (sadly) directing, while the writers for the first two films are gone. And yes, for you people who choose to hate him, Shia LaBeouf is returning.