You can read all about it here, but the main points are:
Beth Ditto from the Gossip and Gruff Rhys from Super Furry Animals and Neon Neon are doing guest vocals on the new Simian Mobile Disco album.
According to James Ford via NME:
"The song [Ditto sings on] is not very Gossip-y. It's more electronic and poppy, a bit old-school.and my favorite part of the article:
"The song Gruff sings on is more psychedelic, with a Todd Rundgren-esque edge."
Ford added that the band have completed about half of the album, and aim to release it in early 2009.