Hasbro just announced as an upcoming release their Axis & Allies Pacific 1940 game.
Here's the box:
This is billed as an updated version of the previously released Axis & Allies Pacific game, but it's also the eastern half of a grand 1940 campaign game that will be playable after the new Axis & Allies Europe 1940 comes out.
Among the interesting points mentioned in the ad blurb are that there will be more Chinese pieces, that the ANZAC (Australia and New Zealand) forces will be a new playable ally and that there will be new rules for neutral powers -- which I believe is a first for the A&A series.
This last point implies that this will be a true 1940 game, in that the US and Japan will not start off at war and that Japan's initial conquests will not be assumed. This may bring in some new strategic options. Beefing up China will also address what I think is one of the biggest historical problems in Axis & Allies games, the ease in which Japan can take out China. China's a little tougher in Anniversary edition, but in no version can China hold out even if moderately pressed by Japan. In the actual history, of course, China proved to be much too much for Japan to digest, especially once Japan was fighting the USA and the Commonwealth.
If this new edition fixes that (China should be defeatable -- but it should be hard.) then I'm sold.