Smile at long last?

I saw on the little "crawl" thing just at the bottom of the screen on Fox News where it said "Smile" (the long-talked about follow-up to "Pet Sounds") was finally being released by Brian Wilson. My first thought was (given the "legitimacy" of Fox News) "this can't be true", because I've seen bootlegs of said album but never thought Wilson'd let it see the light of day. But the gigs in London confirm that it is

Is this the 1967 masters, or a rerecording by Wilson himself? What's the release date over here going to be? For anyone who sees Wilson live, does it live up to the legend? I must know the answers to these questions!

So far there's just the Smile tour, no official release of Smile is planned. But it is expected that something will be released, either a live CD/DVD of the current tour or (hopefully) a CD or box set with the original material. A new studio version is unlikely. During the current concerts Smile is performed during a 45 minute part of the show, performed by Brian and an 18 piece band. During the preparation Van Dyke Parks assisted in putting the setlist together. Not sure yet if Smile will live up to the legend; I'm going to see the concert in Amsterdam on the 13th of March. But 2 years ago I went to Edinburgh for the 2002 tour, where Pet Sounds was played in it's entirety. And even though Brian's a bit...rusty, it was a fantastic show, also thanks to his excellent backing band.