Sources say that work was finally able to proceed on the title as the MGM’s bankruptcy restructuring plan has been approved, and this apparently has been holding up work on the title. With the recent release of James Bond 007: Blood Stone getting less than a stellar reception, it is apparent that additional titles are necessary in order to cover licensing and to make some money for publisher Activision.
Details beyond this seem to be impossible to come by, but we suspect that you might see an announcement of this new Bond title in the E3 time frame, if the whispers from our sources are correct.