Well, now we have a press release from Columbia Pictures. It's in writing now. Men in Black III is officially a go. Will Smith and Barry Sonnenfeld have signed on, and Tommy Lee Jones is currently in negotiations. One of the more bizarre casting rumors appears to be true as well, as the press release also states that Josh Brolin is in talks to appear as "a young Agent Kay." Brolin is taking a big jump into goofy genre films, but maybe he needs the breaks after runs with the Coen Bros.
The story (being penned by Etan Cohen) remains under wraps, but the film is set to hit theaters on May 25, 2012. And yes, it will be in 3D so you can better appreciate the squishy (scaly?) texture of the Worm Guys, and the bulgy, wet eyes of Frank the Pug. You can come over to my house and stare into Elliot the Pug's eyes if you want to prep yourself for that in advance. It will be pretty intense. You'll need two years to steel yourself.