No, this is not the Guillermo del Toro picture -- he's got his hands full with Katie Holmes and hobbits. However, it is being made by the same studio (Universal). They must really love the story. As we all know by now, Stevenson's story focuses on a doctor whose science unleashes a darker and more evil side of himself (although I think it was there to begin with -- Jekyll is a damn creepy name). Obviously, this won't be a gender-bending story like Dr. Jekyll and Ms. Hyde, but Universal isn't sharing what it will be, so make your best guess.
Personally, I'm quite intrigued by Reeves as the choice. While I would pick a very subtle and versatile actor like Gary Oldman, they picked the guy who most comfortably settles into the goofy and solemn. Could he really handle the transformation? Weigh in below!