Mission Impossible 3 (2006)
This will be the third in a series of movies starring Tom Cruise based upon the 1960's TV series starring Martin Landau, following 1996's Mission: Impossible and 2000's Mission: Impossible 2.
Tom Cruise is indeed returning as Ethan Hunt. (4/14/04) Dark Horizons reported a recent rumor that the cast may include Scarlett Johansson, Carrie-Anne Moss (as Ethan Hunt's romantic interest). (7/19/04) Moss and Johansson are confirmed, but it's Kenneth Branagh who may (or may not be; I don't know) be playing the villain. A big fan of "Alias," Cruise picked J.J. Abrams to direct, even though he has never helmed a feature film before. But as devotees of his shows know, Abrams can handle action, intrigue and plot twists as well as anybody.
No details about this third film are currently known. I'm guessing, however, that it will feature at least one scene each of Ethan Hunt (Cruise) ripping a mask off his face, and dangling precipitously from a very high altitude.