Several games-related sites seem to have picked this story up recently (The Wall Street Journal has as well, for some reason):
Gearbox Software Unveils Duke Nukem Forever
Gearbox? Seems credible. The game is right up their alley, and from what it looks like they have actual working software (as opposed to spending years rendering FMV trailers).
Yeah, Gearbox probably started from scratch, but the idea that this game was announced nearly 14 years ago... well that's kind of exciting in itself, even if the game does end up as a flop. EDIT: And if it's a good game despite the aging, well, I'd feel kind of compelled to get it.