IGN has a new interview with Ken Levine regarding BioShock. Of particular interest is what he says about the team:

Ken Levine: BioShock is also being created by the majority of the team who created System Shock 2 and many of the games which helped inspire it. This group includes me, Jon Chey (project lead), Steve Kimura (Art), Mauricio Tejerina (art), Nate Wells (art), Ian Vogel (design), and Alexx Kay (design). When Looking Glass went out of business (RIP, man, that place rocked the world and never got the credit they deserved), we were able to hire Eric Brosius (sound guru who created the sound for both Shock 2 and the entire Thief series), Dorian Hart (design on Shock 2, Thief and Terra Nova), Shawn Robertson (art), Darren Lafreniere (programming) and Sara Verrilli (design on Thief).
We're also incredibly lucky to have Robb Waters at Irrational, who not only created the look of Freedom Force, but was also the man who did the concept art for System Shock 1 and Terra Nova.

Add to this impressive list the idea that BioShock has been in conceptual development for quite a time while the team solidified and refined the game's identity and design, and I think it's safe to say Irrational is fully geared up to blow our minds wide open.

The only question I still have is "Will there be bugmonkeys?"

Because I'm all about the bugmonkeys.