It's still early days, with no announcements regarding the return of crucial cast members, although it has been confirmed that Lynch will direct all nine episodes. Nothing else is known, but one thing is certain - it's bound to infuriate some fans, delight others, and baffle the rest.
It's difficult to overstate the importance of Twin Peaks in the history of American television drama. It put charm, complexity and sheer weirdness onto primetime screens, and proved to be massively influential.
It helped break the 'case-of-the-week' structure that was predominant in television at the time, with a long-running story that refused to offer easy, or quick, answers. Lynch and Frost famously never wanted to reveal who the killer was at all, and the caving in to network pressure on that issue was a huge nail in the series' coffin.
Twin Peaks also offered a unique creative vision - it's a complete world of strangeness and detail that could only come from the perspective of these creators, and that's a lesson that other important shows such as The Sopranos, Breaking Bad, The Wire and Deadwood took to heart, to tell their own stories, in their own way.
Lynch drifted away from the show after the first season, and went off to create some of the creepiest and most unusual movies on the 1990s, but did return for the final episode, ending the series on several painful cliff-hangers that are still unresolved.
They certainly weren't resolved when Lynch made his final visit to the town, for the Fire Walk With Me movie. Fans of the show who expected Lynch to tie up loose ends were left unfulfilled, and even angry at the film's failure to provide answers, although some critics hailed it as one of the great horror movies of the nineties.
Lynch and Frost both moved onto other projects, and Lynch's next major TV series turned from commercial disaster to artistic triumph when the Mullholland Drive series was cancelled, and he used the bones of the pilot to create one of the best movies of his career.
But there was no more talk of Twin Peaks. Lynch said it was dead, and even the fabled directors cut of Fire Walk With Me, with featured cameos from many of the show's quirky characters, was locked away.
But Laura Palmer did say she was coming to see us again in 25 years, and she was always true to her word. The missing Fire Walk with Me scenes were finally released this year, as part of a comprehensive DVD box set, and the return of the actual series was finally confirmed this week.
The fact that Lynch will direct the TV show is very good news, especially since he hasn't directed a feature in almost 10 years, since 2006's Inland Empire, and his brand of idiosyncratic fiction has been deeply missed.
After all these years of anticipation, the new series is bound to disappoint many, and can never live up to everybody's expectations. But the murder mystery appeal of Twin Peaks faded a long time ago, and the stranger parts of the show have a weird timelessness that still holds up.
A return visit to the town again after all this time is bound to be startling, unexpected and uncomfortable. Just like it should be.
Click here for ten of Twin Peaks' greatest moments
Russell Baillie weighs in on Twin Peaks' revival:
I can certainly understand the enthusiasm of Peaks-geeks for David Lynch to revisit his ground-breaking television show 25 years later. I'd probably share it except for knowing that disappointment almost inevitably this way lies.
Think of a major director who has revived his most enduring property. Steven Spielberg's fourth Indiana Jones film? George Lucas's second Star Wars triology? Ridley Scott's return to Alien in Prometheus? Hardly good arguments for the long-awaited great director encore.
And this is television. Bringing back shows which so belonged to another era is a study in diminshing returns: Dallas, Hawaii Five-0, Charlie's Angels, 90210, Melrose Place ... .
It's true that sci-fi and fantasy tv is pretty resilient to the reboot treatment: Various Star Treks proved that as did the Battlestar Galactica remake and then there's dear old Doctor Who.
Then again, David Lynch may be a name but he's probably needs the money. Being Hollywood's most popular surrealist probably hasn't paid the bills in quite a while. Hence the surprising but strangely inevitable update on the soap-gothic-horror of Twin Peaks.
Yes the show's brand endures and remains a pop culture touchstone. I laughed when I saw it mentioned in a story the other day about The Brokenwood Mysteries, the happily hokey NZ wine country murder series which is quite the least Twin Peaks thing you'll ever see.
And sure, it was television like many had never seen it before. A post-modern soap just at a time pop culture was getting keen on post-modernism. It was also set in a Washington State lumber town, just as that region was about to reinvent rock music for the rest of world.
It arrived at an interesting time in television history too. HBO in the US had just started making its own programming free of the censorship restrictions of free-to-air networks.
That the 2016 third Twin Peaks series is to screen on Showtime - a HBO rival which has given us Homeland, Masters of Sex, Ray Donovan and Penny Dreadful, all shows which screen on SoHo in New Zealand - says something about the television landscape in the US. It's also something of a worry.
Back in 1990, US Twin Peaks aired on ABC which had bought Lynch and co-writer Mark Frost's concept for a show about the dark underbelly of smalltown America which Lynch had already delved into what is still his best movie Blue Velvet.
The resulting Twin Peaks was a soap opera with a murder mystery dropped into it and surreal Lynch-ian mischief around the sides.
Eventually the mischief took over. The story fell away. The whodunnit entered another dimension. Everyone started talking backwards and the show died a death in its maddening second season.
Then came Lynch's prequel-epilogue movie Fire Walk With Me showed what Twin Peaks would have been without network restrictions: Nasty and even more nuts.
Here's the thing, though. With the first season of Twin Peaks, weird edgy David Lynch might have made great television.
But it was television which made David Lynch great - having to work within those tv rules did. The friction between them and Lynch's vivid imagination was what made that first series so brilliant.
Presumably, he's got full creative control on the new season three and can do what he likes. Just not sure that's necessarily a good thing for those of us who fell in love with the place and its residents way back then.
