Raimi will be directing and producing Evil Dead 4, which will star Bruce Campbell as ASH and will also have many of the actors from the previous Evil Dead movies. Raimi says that "This is the project I really want to make. The remake can belong to someone else, but part 4 will be a continuation of the original". Ted and Sam Raimi have begun writing Part 4, and will be developing it for production later this year.
I don't care how much you think this will suck. I am just about peeing my pants in excitement.
[For you ED fans, go answer Joel's questions here.]