I'll give you a general run down of the news I recall reading/seeing/hearing, in the order in which I remember it best.
It was announced that Ninja Theory were taking the new 'Devil May Cry' game on as their latest project, Capcom had handed them the task. The guy in charge mainly being Tameem Antoniades. The first alteration so it seemed was the name being changed to 'Devil may Cry', or 'DmC' if you like. The emphasis being that the 'M' was in lower-case, not upper-case. Dante got a huge redesign that wasn't taken kindly to. From the first few game trailers, game-play was ignored and fans were angered by Dante's new appearance. It was explained that Dante had a new weapon, an angelic scythe and a demonic axe. In another trailer, it shows Dante turning into his demonic form (Which is basically just how Dante looked in the previous games) his trench coat turns more red and his hair turns white, like how Dante appeared before the changes to his character. There was more news that Dante had an angelic form, the reasoning behind the angelic scythe I mentioned earlier. It's not completely understood whether Dante is half angel and half demon, as Tameem also stated that Dante still has a human form. So you could assume he has all three. At around the same point in time, Ninja Theory had gone back to the drawing board and had changed Dante's appearance yet again to make him seem somewhat more decent and presentable. It was made clear to us in interviews that the story will basically be explaining Dante's origins. Ninja Theory stated that right now the main focus is on combat, not in showing off any of the story. But it was also confirmed that a female character will assist Dante during the game. Other small information regarding it such as the game being shot at 30FPS, instead of 60FPS and the game's combat focusing on juggling enemies a lot better than ever before, more styles and on-the-fly weapons from the start. They assure us that the game will still run fluidly even at 30FPS, and that the City around Dante will interact with him as he will interact with it.
In terms of the story, little is known. So far what we know is that in Limbo City, where Dante 'lives' or at least resides, demons are observing the human race. Dante, with his demonic side can see the World for what it really is. He is meant to be mad at the demons, perhaps for further reasons yet unclear to us. Whatever it may be, he is fighting back against them.