The theatrical release was announced at the end of 2nd season of Gundam 00, and is presumed to provide closure to the TV series. If you remembered that phrase that appeared in the teaser, "The Childhood of Humankind Ends.." That surely sounds like mankind will be taught another lesson.... my guess is about pacifism.
The events of the movie are to take place 2 years after the end of the 2nd season. At the Gundam 00 Festival 2009 - 2010, a new offical trailer was released with some flashy animation sequence of the 4 new Gundams and their respective names, and they are confirmed to be Raphael Gundam, Gundam Zabanya, Gundam Harute, and 00 Quan 'T'. They will be piloted by...you guess it... Setsuna F Seiei, Tiera Erde, Lockon Stratos, Allelujah Haptism, and a whole cast of returning characters.
A hint to what is to come is the Jupiter incident that happened 80 years ago, most likely around A.D. 2227. In the new movie, it was said that the origins of the GN Drives will be revealed, and another faction will bring war upon the world.
Other than the 4 new Gundam (which are somewhat 'meh' to me), we can expect other new mobile suits such as the GN-XIV (for the GN-X fans), and a fully transformable Flag powered by the GN Drive Tau (No more samurai crap), and the possible return of Gundam Dynames (Original Lockon Statos not included).
For you diehard fans out there. Recent publication of 00V Senki stated in their storyline that the Celestrial Being had lost 2 GN Drives from 0 Gundam & Seraphim after the 2nd season of the show. So a possible plot might be the CB trying to recontruct new GN Drives at the Jupiter base, which would disclose how the GN Drives had orginally came about.
The director of the new movie had said in an interview that he was quite impressed with the new Star Trek movie (JJ Abram's version of the original series), how he would induce the same emotion & energy into the new Gundam 00 movie. But honeslty, I didn't feel much excitement from the latest Star Trek movie at all, when compared with my favorites The Wraith of Khan / The Undiscovered Country.
But here is hoping the Gundam 00 Movie will be at least enjoyable and provide some needed closure to all unanswered questions in the series.