The folks over at Boxoffice.com have a short interview with Joe Johnston, director of 'Captain America.' It looks like they are doing an origins story, which is the only way (to us) to re-introduce the character to the masses.
It's not going to be a Captain America that you expect. It's something different. It is influenced by the comic book, but it goes off in a completely different direction. It's the origin story of Captain America. It's mostly period—there are modern, present-day bookends on it—but it's basically the story of how Steve Rogers becomes Captain America.
'The First Avenger: Captain America' is due in theaters next July.