It's old news, but now a date has been set for the expedition. The following is from New Scientist, Jan 10 2004, p37:

"Collina-Girard has teamed up with Paul Henri Nargeolet and George Tulloch, the underwater explorers who discovered the wreck of the Titanic. They will head for Spartel in July and use a manned submersible to explore the hilly island, which lies between 55 and 200 metres underwater. The preliminary survey will take 10 days and will involve mapping the island with sonar and sampling sediments for dating"

If it is an ancient inhabited island that shows signs of an advanced culture, I'm sure a lot of people will still look for the "other Atlantis".