Yes, as noted on EN World, D&D 5th Edition (or whatever it will be called) is in development.
What do I think, you ask? (Hey, you are reading this aren't you, so don't complain.)
Well, I've signed up for the play test, if for no other reason to get a preliminary peek. I have to be upfront about it, though - I'm not a fan of hit points as they are normally played in D&D. (Recently, while reading some of the Salvatore's Drizzt stuff, I cracked
up when I realized that you couldn't actually play out some of the scenes he
described, definitely not with the ruleset of the time.) That won't go away in 5th.
But I was very impressed with Mearles' work in Iron Heroes. And Monte Cook has done excellent stuff with his variations on 3rd Edition. Now I never played any of their spin-off material, but when just reading the rules is fun, you know you are on to something really cool. I'm sad I didn't get to play any of it. But I do want to see what they do with 5th.
I'm sure I'll play 5th when it's out because most everybody will want to play at least one campaign. And I'm sure I'll have a good time. Not much else to say.