Well, in the latest CoroCoro Magazine edition Emerald was confirmed. It is set to be released in Japan on September 16th this year. Like FR/LG, it will come with a Wireless adapter and is the Yellow and Crystal equivalent of Ruby and Sapphire. The storyline features both Team Aqua and Team Magma trying to awaken both Kyogre and Groudon, meaning both will be in the game. There are also a lot of new areas in the game. When Pokemon first appear in battle, they will be animated, much like in the Crystal dex. It also appears that other trainers will decide to join a battle midway while in the wild. There are also 7 new Tournaments, one being 'Battle Frontier' which occurs in a giant amusement park, and another being 'Battle Dome' where a player uses only three Pokemon to get through and entire Tournament. Another, 'Battle Tube' requires a player to fight through a labyrinth and pick correct exits. All branding appear to be Rayquaza related, although we aren't yet sure how this will be encorporated. I will post more news as it comes. If you are lucky enough to live in Japan, Pokemon Emerald will be featuring at Pokemon Fiesta 2004 on July 16th 2004. Here are some scans from CoroCoro:
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The first picture shows the battle animations in the bottom left hand corner, and a new area to the right of that which is one of the Tournemant areas I believe. Also the Rayquaza branding above. The second shows the remade female trainer, and down the bottom left it shows the trainer entering your battle midway. To the right is also a new area. The third image shows the Groudon/Kyogre showdown and more new areas up the top, down the bottom are more new areas and either the Battle Dome or Amusement Park from Pokemon Fronteir mode. It also shows the new male trainer. The final image shows clips from the start sequence and the Rayquaza Sugimori artwork.