[Bloody Sam Roberts]

I would guess it will pick up where Ep 3 left off.

That's the way Lucas originally planned it. Three, three episode series.

Ep 4, 5 and 6 were "A New Hope".
Ep 1, 2 and 3 were the early days of the Empire.
Ep 7, 8 and 9 were supposed to be the further adventures of Luke and his friends.

I have to assume that Disney has purchased all the rights from Lucas to do this. Personally, I have been waiting for this type of news for 20 years.

[freedumb2003]

Ep 7, 8 and 9 were supposed to be the further adventures of Luke and his friends.

They will introduce a new device -- the "light walker."

[Revelation Concepts]

I am excited about this as well. Get the right director behind this and it could be very good. Looks like Lucas has written the outline for the next 3 movies. He tells about the sale to Disney and the future of the movies at the link: The Future of Star Wars

[Sirius Lee]

I have been waiting for this type of news for 20 years.

Just don't be surprised if your reaction to ep. 7 is like that of an adult who, in a fit of nostalgia, go out an buy a Twinkie hoping it will be as delicious as they remember it being in their youth only to suffer the revelation that it is the worst piece of crap they ever put in their mouth and what were they thinking.