Aye he will come out once the jolly rogers die.
He will be featured in the new quest line this is how i say it goes.
When you get the black spot davy jones comes after you with his 'Beastie'
And you fight him while the conflict with jolly is happening and the kraken either eats jones ship or you destroy it.
And that conflict happens you see it swallows your ship with sparrow in it as your both in the world of the end as the crew trys to rescue you. Or you try rescueing sparrow.