'From the Dev Room.' The update only really consists of a short video where several developers are interrupted and asked to show the camera what they're working on though, so don't get too excited.
video on the Kickstarter page too. Oh, and donate while you're there if you haven't already.
Source: Kickstarter / Sarah Frechy
*This is not my opinion. It's the opinion of other people I've heard discussing Shenmue III on podcasts I listen to. Just covering my ass.