Lawrence Kasden, writer of The Empire Strikes Back, and Simon Kinberg, writer of X-Men: The Last Stand are both rumored to be working on screenplays based on notes and outlines by George Lucas. Michael Arndt who wrote Toy Story 3 is confirmed to be the writer of the first Episode VII (taking place after the events of Revenge of the Jedi) and might also direct it. Other possible directors for Episode VII include Matthew Vaughn (X-Men: First Class).
Both Harrison Ford and Carrie Fisher (Han Solo and Princess Leia respectively) have stated they are open to the idea of appearing in it, though no idea if they will actually have cameos.
I have to say I’m more excited about the possibilities for future films then I was for the Phantom Menace. If this next trilogy is actually good, it could launch a continuous series of films giving Disney yet another film franchise.