The Psalms as Christian Worship: A Historical Commentary is due out this December from Eerdmans.
Catalog description follows:
"This unique collaboration by two esteemed evangelical scholars blends a verse-by-verse exposition of selected psalms with a history of their interpretation in the church from the time of the apostles to the present.
Bruce Waltke, who has been teaching and preaching the book of Psalms for over fifty years, skillfully establishes the meaning of the Hebrew text through the careful sort of exegesis that he is especially known for. James Houston traces the church's interpretation and use of these psalms throughout the history of Christianity; as part of his historical approach, he has commissioned fresh translations of numerous Latin and Middle English texts.
A masterly 'devotional commentary,' Waltke and Houston's Psalms will serve to enrich the lives of contemporary Christians and to deepen the church's corporate worship. Displaying their respective strengths throughout these pages, Waltke and Houston bring together the two voices of the Holy Spirit — heard infallibly in Scripture and edifyingly in the church's response — in a rare and illuminating combination."
For the longest time I have used Derek Kidner's two volume commentary as my first choice for a devotional commentary on the Psalms (vol 1; vol 2). Though brief, Kidner has a way of putting a lot in a sentence that may comfort or convict. I look forward to this volume which could well replace Kidner as my number one choice (even though it won't cover every Psalm).
It will be a paperback with 480 pages and sell for $28.00.