According to an official blog post from Paradox Interactive, we'll be seeing an update on Vampire The Masquerade - Bloodlines II in September of this year. In the blog post, Paradox states:
"It's been quite a while between updates while we've had our heads down working on the game. We remain just as dedicated to delivering a great Vampire: The Masquerade - Bloodlines game as we were when we announced, and are looking forward to showing you more in September this year.
We're excited to show you more and hope to have all of you with us in September when we reveal more."
Paradox themselves are currently issuing refunds to fans of the series since they haven't shown off anything from the title in quite a while and are still planning on a proper reveal for the title, stating in that same blog post:
"We are thus offering refunds to anyone who has pre-ordered any edition of Vampire: The Masquerade - Bloodlines 2. As part of this process, we are proactively refunding all pre-orders of physical products, including the Collector’s Edition. The digital versions of the First Blood Edition, Unsanctioned Edition and Blood Moon Edition remain, but can be refunded if you choose."
It's been a long time since any update has appeared on the game, with developers changing repeatedly and the studio behind the game currently refusing to actually say WHO is developing the game. Current rumors indicate that The Chinese Room (of Amnesia fame) might be behind it, but there's confirmation one way or the other currently.