It is coming, just not much is being said about it, the game was in pre-production in 2007 and all the concept art you have seen and such is from those times. I found a BIG report from a Graphic Artist intern detailing a lot about the game even about how it will begin and some of it's locales but I won't be saying anything about this as it's just too much to know without the game even being shown yet. Know though that eden/atari know TDU is big for them though, I can't remember the phrase the report said but it was something like it's their
Golden Title.
What I can tell you though is that there is a lot of info showing that this game is in full swing, however a lot of the TDUteam have left and are now at their own place called Ivory Tower where they are working on an unannounced project not dissimilar to TDU I would imagine as many of the team were involved in TDU and V-Rally 3!
Despite that though there is a lot of information showing of old, new and trainees working on the next TEST DRIVE.
Main examples of this can be found at the forum in my sig but to give you some more recent examples I found.
Trainee Programmer (Started 2009)
Working on eden's next AAA racing title (iirc this guy is working in the replays amongst other things)
Artist (Started 2009)
Currently working on a huge MMOG for [Platforms]
Race Pro - Real Racing
TDU Central