It will be officially licensed by Wizards of the Coast and is being made by Beamdog's Overhaul Games, the same team who created the HD remake of MDK2. Baldur's Gate Enhanced Edition will be the original game, Baldur's Gate, with enhanced graphics, additional content, and more. It will also include the Tales of the Sword Coast expansion and mod support is wanted but more information will be coming in the future.
For the purists out there, Baldur's Gate Enhanced Edition will make use of the 2nd Edition Dungeons and Dragons rule set. Screenshots are coming "in the future", perhaps once the site goes live again. Baldur's Gate 2 Enhanced Edition was also just revealed through Twitter.
Trent Oster of Beamdog is furiously Tweeting to get some additional facts out there in the wake of the website getting slammed.