Kotaku has some Impressions of the New Wolfenstein.
The story is a bit convoluted. It takes place in a fictional German city called Isenstadt. Even the rep on hand had some trouble explaining it to me, but it involves ancient amulets and crystals. But I know you don't care about that stuff. You just want to shoot Nazis, right?
They sadly don't make it sound like a slam-dunk, but I am looking forward to stepping into the boots of BJ Blaskowitz again :)