Deadline reports that the very selective and famed designer Syd Mead -- credited as the Visual Futurist on "Blade Runner," "TRON" and "2010" among many other projects -- has come aboard the film to work on set design. Mead was a fan of "District 9" helping in his decision to join the film. As for the plot, that's still under lock and key, but its apparently set 100 years in the future and will contain a social commentary element much like Blomkamp's earlier film.
Currently, the film is not at any studio but is currently being shopped around with high level folks being given a script and a storyboard presentation by the director himself with Deadline suggesting that the film is going for an R-rating (putting Disney out of the running for the project as they don't handle R-rated tentpoles).
Pre-production is set to begin in April with lensing to start in July in Vancouver, moving to Mexico in the fall. This does raise an interesting question as Damon was set to shoot Steven Soderbergh's "Liberace" with Michael Douglas this summer, but we'll have to see how that plays out. The film will be fully financed by Media Rights Capital and is currently eyeing a holiday season 2012 release.