I hadn't heard about it yet, but Bethseda Softworks (makers of famous Elder Scrolls RPGs) is working up a third Fallout game, creatively entitled Fallout 3.
Fallout and Fallout 2 are both incredible post-apocalypse RPGs, made by Black Isle studios, one of the best computer RPG studios of all time. They were hailed by critics and fans alike; I played through both--great games. All kinds of variation with your character--different skills to specialize in, attributes, and special abilities. Fun artwork/style, and a classic post-nuclear war environment, battling everything from giant scorpions to killer robots. Black Isle did a great job, as they did with most of their games; unfortunately, Black Isle closed their doors a few years back. Bethsada is new at the game, but they have an established track record for successful RPGs.
The Fallout 3 trailer, courtesy of YouTube:
Also see http://fallout.bethsoft.com/ for the official site.
Unfortunately, we have to wait until fall of 2008 to see the game. I'll be following its development and posting news as I come across it!