Apparently it will be released in 2009.

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SPOILERS

Here's the synopsis from imdb:

Shauna Macdonald reprises her role as a deeply scarred, bloodied and traumatized Sarah in the long awaited sequel to 'The Descent.' Set momentarily after the events of the first movie, Sarah finds herself stranded on a lonely highway with no where to go except a seemingly run down gas station, where she is immediately sent to a local hospital, however Sarah remains mute and refuses to speak of the events that took place in the cave. After a nightmare involving her daughter, Sarah remembers that Juno was still alive before she left the cave, and decides to speak to a special detective, who insists Sarah shows him where the actual cave closing is. After agreeing to accompany him, a specialist team heads deep down into the cave to solve the mystery of the crawlers and to find any of the girls that may have survived, however the cave closing closes up for good, trapping all inside and the race is on to find another way out before the crawlers come back. But is it already too late? And who, if anyone survived? And who, if anyone will survive this time?

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The Descent is one of my favorites, so I hope they can pull this one off. Neil Marshall will not return to direct, so it's already looking bad. It will be interesting to see how it turns out.

Neil Marshall will not return to direct? Man, that IS disappointing news! Cause, I really liked the 1st one...

I use the first one as an example to prove them wrong when ever someone says new horror sucks.  The descent is a great movie.

First picture (courtesy of Fangoria)

I'm not happy about this at all. I thought The Descent was great - but it wasn't really about the monsters. I bet that this one is all about the monsters, which will effectively ruin the whole thing.

 Amen too that!

Alright, but here's my question.

I bought the Descent. The Unrated Director's Cut (no other movie should be sold. Period.).

SHE DIED AT THE END!

Did no one else catch that?

And, if you have no desire to actually see the ending (as I'm sure a large number of people really won't) then send me a message and I will spoil it for you.

Now see...I thought it was only IMPLIED that that happened.  The only thing we know for sure, as seen by the last shot in the unrated cut, is basically that she lost her damn mind and is still in the cave.  Plus, keep in mind, there's a BIG difference between the ending of the Unrated cut and the theatrical cut.  See, in the theatrical version (which I assume is what we're going from in the sequel) they never make the cut back to the cave that happens in the director's cut.  I'd go further but I'm avoiding being spoilery even though I'm 90% sure most of the people who wander these boards have seen it.

I see your point though.  It is going to be weird for the true horror audience because id wager the vast majority of that audience did see the director's cut and ARE going to be basically asking wtf if that's the plot they're gonna actually do.  But heck, since when did logic keep hollywood from a sequel lately.  Last time I checked people weren't screaming for TWO sequels to the American Pulse remake....