So yea, first off let me introduce myself. I'm new to the forums and whatnot, so forgive me for repeating any information or totally posting in the wrong area...BUT...on to my point...
As I've been searching throughout the internet, I've discovered that NO, the upcoming game is not Kingdom Hearts, but something different, if you would call it that. As it seems, the Kingdom Hearts plot is heavily twisted within Nomura's newest creation, but the game is not ment to be all about the KH Sora story. "Birth By Sleep" seems to be the name of the new game, and the chosen platform is speculated to be the PSP.
I've also learned that the plot is Roxas and Riku related, confirmed by Nomura and that Sora is still somewhat important within the game, but it doesn't seem you'll ever actually see him.
Although I'm not entirely sure what is what yet, there are some facts for you all. My point is, there is no KHIII in development, yet. Nomura stated in an interview that he wants to give Sora a break and wants to give Roxas a bigger role rather than the KH storyline of his birth and death, if you may. There is undoubtedly going to be a KHIII as Nomura has also said that Sora is has a VERY important role in the upcoming sequels.
Buuuuuuuuuut, yea. That's that. Again, sorry If I totally just repeated someone's post, I was also a little bored.