The first Battlefield 3 details could drop imminently, if a GDC 2011 schedule is anything to go by.
The 2011 conference timetable contains a lecture from Kenny Magnusson, a senior lighting and VFX artist at EA DICE.
Here's the blurb for the talk:
"This session presents a detailed overview of the new lighting system implemented in DICE's Frostbite 2 engine and how it enables us to stretch the boundaries of lighting in BATTLEFIELD 3 with its highly dynamic, varied and destructible environments.
"BATTLEFIELD 3 goes beyond the lighting limitations found in our previous battlefield games, while avoiding costly and static prebaked lighting without compromising quality.
"We discuss the technical implementation of the art direction in BATTLEFIELD 3, the workflows we created for it as well as how all the individual lighting components fit together: deferred rendering, HDR, dynamic radiosity and particle lighting."
We'd think you'd have to show off a bit of Battlefield 3 to give that kind of lecture, so it's not unreasonable to expect a reveal before then either.
DICE reassured Battlefield PC players that its version of the game won't be dumbed down for consoles back in October.