Ok, so I am a huge fan of Dreamfall and I know a lot of people are big fans of The Longest Journey so I really want to direct as much attention to this as possible. The sequel to TLJ and Dreamfall is in development at Red Thread Games, an indie studio started by the original creative director (Ragnar Tornquist), and several of the original devs and writers. They have been working on the prototype for some month due to a grant from the Netherlands film institute.
The Kickstarter ended with 1.54 million in contributions + PayPal (which hasn't been announced). There are still plenty of in game images, videos and dev interviews to check out on the Kickstarter page.
Dreamfall Chapters on Kickstarter
Dreamfall Chapters on Steam Greenlight
The Kickstarter may be over, but you can still vote for Dreamfall Chapters on Steam Greenlight.
EDIT: Final edit, Kickstarter over, still up on Greenlight