Lin has been attached to this for about two years now and it is the only thing he has on his slate that is past the scripting stage. I figured once Fast Five went through the roof that Summit would put the pedal to the metal on this redo. Some sites are reporting that it is still in line for a 2012 release. I wonder if that is true? Either way, it looks like this will be his next. After that, it'll be a toss up between Fast Six and Terminator V. I imagine he'll end up doing both, with the order solely depending on Arnold's schedule. Looks like Justin Lin (and by proxy, Sung Kang) has a couple busy years ahead of him!
EDIT - The producers on this remake have stated that they will likely use the Queen music from the first one again. I hope they at least use Princes of the Universe.................and not in the form of a shitty cover tune.