Actually, as far as I know, most of the staff behind Clover just fused back into Capcom. So there IS a chance that at least part of Okami's original staff is working on this.
(and no, no Shenmue. It's been 8 years since Shenmue 2, and for better or worse, chances are we won't see another one. >_>)
EDIT: It appears that the game is being made by Platinum Games, the same guys as Bayonetta and Madworld. And, surprise surprise, Platinum Games seems to be made of a good chunk of what originally WAS Clover Studios.
God, not another one. I don't see what is wrong with making it for DS. It has far more chances to sell well on the DS than on any other console as it stands right now, and videos show that the graphics did not really suffer too much. If you think that the music will suck because of the DS's "bad speakers", then let me shove Final Fantasy III and IV up your throat, with due respect. Those two have shown that the DS has quite good sound capabilities.
The stylus is FAR more accurate than the Wiimote OR an analogue stick, and should be far more responsive than either as well.
If your concern is that the game will be small, then I concede that it's the only really debatable thing here, and we'll only know that for sure once the game is out.