Maxis and EA have officially announced a successor to SimCity 4 at the Game Developers' Conference (GDC) today in San Francisco, after much buzz, rumours and supposed leaks on the internet in the past weeks.
Many are calling this a reboot of the franchise, given that the title is to be "SimCity" without any following numerals. However, as far as official details, this official video from Maxis seems to imply a natural progression from SimCity 4's features: http://www.youtube.com/watch?v=T70evBJE93s.
The Maxis website is down for maintenance at the time of this posting, so one can hope that more details are being uploaded to the web for imminent release.