Wired has posted - and revised - an article stating that Capcom says Resident Evil: Umbrella Chronicles is still on track for a 2007 release. There has been very little about the game online thus far. The brief trailer below has about 3 seconds of actual footage in it, but what we can see, looks a lot like the house from the original Resident Evil game.

It is unknown if this is a remake, re imagining, or continuation of the Resident Evil storyline.