The short version is that there are a lot of cryptic "clues" that honestly don't tell anyone anything at all.
Lots of rampant speculation.
Hopes were once high for a Brand New album, but all the "evidence" points away from it.
The prevailing assumption now is that this is a project involving Brian Lane (Brand New) and Andrew Accardi (Robbers), as alluded to by Jesse Lacey in at least one interview during this past year.
There's been some major disagreement on whether or not this viral campaign is "too big" to be for a side project, but I personally think that, side-project or not, any band with creativity and a label behind them would be able to pull this off.
Given how much of the staff has been posting in here with as much intrigue as the rest of the user-base, it's safe to assume that Jason is one of, if not the only APer who actually knows what's going on.
Lots of industry folk have helped promote the band/viral campaign by posting that "be patient. heatthing.com" tweet, which tells me that this project has got to be something ambitious and well worth the wait.
Any other extraneous details are honestly pretty useless.