This is great news, because this is what the Alien franchise needs after the disappointing Alien 3 and Alien: Resurrection. The franchise needs a face lift and going back to explore some unseen territory in the series is exciting.
The things I want out of this is the sense of terror and dread that we got from Alien and Aliens (the two best in the franchise).
I'm really happy to see Ridley Scott back and I can't wait to see what he's going to do.
The film is scheduled for a 2011 release date.