The Shadow Warrior Facebook page has been updated with an announcement of Shadow Warrior Classic Redux. The game will be released on Steam for less than 10 bucks and will include both the Wanton Destruction and Twin Dragons expansions. It will also have improved graphics and a remixed soundtrack.
I read on Duke4.net that the only graphics improvements are a new interface and a FOV slider (and I assume that it comes with higher resolutions as well). It's also compatible with the Shadow Warrior high res mod.