Here is Lucasfilm's announcement:
SAN FRANCISCO, Calif. (March 3, 2011) – Lucasfilm Ltd. and Twentieth Century Fox announced today that the 3D theatrical launch of Star Wars: Episode I The Phantom Menace now has an official release date – February 10, 2012! Set against the thrilling and exotic backdrop of a “galaxy far, far away,” Star Wars is perfectly suited to the immersive 3D theatrical experience, and Episode I delivers some of the Saga’s most stunning and spectacular sequences – from the Naboo invasion to the Tatooine Podraces to the climactic lightsaber battle between Darth Maul and the Jedi. Supervised by Industrial Light & Magic, the meticulous conversion is being done with utmost respect for the source material, and with a keen eye for both technological considerations and artistic intentions.
I'll be honest, I do not know how I feel about this. One part of me wants to see Star Wars on the big screen again, the other, more rational part, does not think we need a 3D version of these films, especially the original trilogy. I wish Lucasfilm would have spent the time and effort on cleaning up the original (non-special edition) films for their Blu-ray release instead.
But hey, it's a free country, you decide for yourselves.