They've shed little details to date about the progress of development, other than saying the game is due for release in 2010 and some minor story elements. If you're dying for details, though, some more information along with some screenshots of a development preview have been released. The meager amount of information available looks and sounds promising – we'll have to wait more than a year to find out for sure, though.
Some of the flaws that Deus Ex 2 suffered were due to the cross-platform release, and the original Xbox having limitations that constricted game design. Modern consoles certainly don't share those downsides. We've seen many games released on console and PC side by side, with little differences between them, so at the very least they don't have an excuse to make the same mistake again. Whether or not they can recapture the immersion the original game brought is another question.