Official Website
Supposedly it will be a sandbox style game but also refers to itself as an "adventure game", which is pretty much a dead genre these days. The original games are classics in my view because they are truly adventure games and their risque humour made them unique. I played a demo of Magna Cum Laude, which was also made without Al Lowe's involvement and didn't think much of it. If there's a demo though, I'll probably give it a try but I'm skeptical as to whether it can capture the spirit of the original, true Larry games.
Trailer here.