Developed by Secret Identity, a team assembled specifically to make the MMO, Marvel Universe will be free-to-play. The game's primary antagonist (at least at launch) will be Dr. Doom, and players will be able to play as famous Marvel heroes, including "Captain America, Iron Man, Wolverine, Hulk, Thor, Spiderman, Nova, and Squirrel Girl."
Marvel fans will also be pleased to note that veteran comic writer Brian Michael Bendis is doing some writing for the game, and that some of the game's story missions are taken from the comics themselves.
Beyond its nearly identical title and the involvement of Marvel, it's not clear whether or not the new project is related to the ill-fated Marvel Universe Online that Cryptic Studios and Microsoft Game Studios were working on between 2006-2008, before the project was cancelled. What we do know is that the project that's currently in the works was announced back in 2009, shortly after Gazillion inked a ten year MMO contract with Marvel.
Though the new information on-hand is about a PC version of the game, Gazillion initially announced that Marvel Universe was being developed for consoles as well. However, console versions of Marvel Universe weren't confirmed (or denied) during the most recent announcement.