There's a big interview with Takashi Miike in the last issue of Rue Morgue (not the one with Godzilla on it that is the current one). Its mostly about his banned episode of Masters of Horror, but at the end they ask him about Daimajin.
What can you tell us about your upcoming Daimajin film?
Miike: The Daimajin project is actually going on. It is a tough challenge to bring back the strongest dark hero in Japanese movies. There are a lot of humps to get over. You might see it in Spring 2008 at the earliest. Please look forward to seeing it.
AWESOMENESS. You can tell he's very enthusiastic, and his little description of the Majin character shows that he really likes and understands him and the old films. This will be great.
Kaiju Transmissions Podcast-
If It Bleeds, We Can Kill It Podcast