I read about that on Wednesday. I'll admit, this is maybe one of the coolest pieces of movie news I've read in a LONG time. To see one of the all time classics FINALLY get the release that the director intended. Even 81 years later.
And just in case you hadn't heard, KINO has announced that they WILL be releasing this new version of "Metropolis" on DVD and Blu-Ray DVD in 2009, so it's not that far off. I can imagine the restoration required will be amazing and I can't wait to see it!