Yes, but it's not Gas Powered Games developing it. They sold the franchise to the publisher Square Enix who is having Obsidian develop it, although Chris Taylor is supposed to have some input in the development.
@sswilson: Yeah, you're absolutely right. Diablo was very linear, where in order to beat Diablo you had to destroy every enemy on every level to gain enough attributes to kill him. Sometimes the game would spawn a huge amount of those spitting demons all in one spot, and they would all attack at the same time, right at an essential doorway to get to the next level. That was brutal. You would have to go back to town a lot just to get past that doorway. Gotta love spawn bugs (or maybe it was intentional ).
Diablo II opened up the door for leveling and provided way more replayability I think. But I still love the dark and evil surroundings from Diablo.
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