This news is interesting in that a slew of game companies have recently announced layoffs, studio closures and restructuring. Back in 2006, Black Isle went through the same shutdown situation that PopCap and Sony are experiencing right now. The idea of Black Isle, who, through games like "Baldur's Gate," "Fallout" and "Icewind Dale" have proven themselves to be solid storytellers and crafters of narrative, returning as a major game developer is exciting.
After Black Isle was shut down back in 2003, many of its brilliant minds went elsewhere. Chris Avellone ("Star Wars: Knights of The Old Republic 2: The Sith Lords") is now with Obsidian, makers of 2010's popular "Fallout: New Vegas." Feargus Urquhart is also with Obsidian, serving as CEO. Urquhart was the head of the role-playing division of Black Isle before it was shut down, and has since dedicated Obsidian to creating solid role-playing experiences. Chris Avellone has stated via Twitter that he is not involved.
Other members of the Black Isle team have taken to utilizing crowd sourcing in order to develop a sequel to "Wasteland," the popular apocalyptic RPG. That company, inXile, used Kickstarter to fund their game, and have stated that the title will be set in a "post-apocalyptic USA."