More news thanks to Daz at
this link.
A release date has been set for three or four years from now (2009-10). At one point, BAT3 producer Desmond Child was set to produce the new album, with Jim to be present as supervisor during those sessions. However, recent mentions of the project have removed Child from the director's chair and firmly replaced him with Jim.
7 new songs will be on the album, but that is not the largest amount. Close to 15 demos were reportedly sent to Meat. 3.5 of the songs from those demos made it onto the eventual BAT3 ("If It Ain't Broke" being half of "(It Hurts) Only When I Feel"), and more new material is still in sight, including the long-rumored "Renegade Angel," which (according to his blog, as of 2006) Jim has finally completed.
Apparently, latest press states that Meat wants Steve Lukather (Toto guitarist, and additional guitar on "For Crying Out Loud" on
Live Around the World) to feature on the new songs, and they are also looking into the possibility of including Richie Sambora (Bon Jovi guitarist), as he was due to record on BAT3, but broke his collarbone very shortly before his session for the album was due.