The official Battlefield Heroes blog has been updated with some details by the Senior Producer Ben Cousins (no, the other one). Nothing really juicy but he outlines the high level directions of the project:

1. We wanted to return to the crazy unrealistic feel of Battlefield 1942 and Codename Eagle, games which we had both been fans of.
2. We wanted to make sure that players could ‘get to the fun’ easier this time - faster, cheaper and easier.
3. We were committed to ensuring that the gameplay would still feel like a legitimate part of the Battlefield franchise, with the core elements and feel preserved.

It sounds like at this stage the game will be available only for the USA and Europe... but we'll see. Edit: Apparently this rumour has been quashed already, phew. Still remains to be seen whether we'll get local servers though.