According to this Rolling Stone interview with My Morning Jacket's Jim James, it was revealed that James is recording an album with fellow indie mainstays M. Ward and Conor Oberst (of Bright Eyes).
Let's face it. A supergroup is never better than its individual parts. There will always be the exceptions (see New Pornos), but more often than not you're left with some mediocre material and obnoxious publicity. Perhaps the most annoying aspect of this news is that these particular guys are all great friends which means we're possibly facing the indie equivalent of George Clooney, Brad Pitt and Matt Damon making movies together.
Sarcastic narration to follow:
'Oh, look how much fun they're having making those movies. They're such good friends and they play jokes on each other and laugh. Oh do they laugh! I wish my job could be like that. And hey, maybe they'll do hundreds of interviews and appear on every magazine and every talk show just to be sure we all know how much fun they have working together and making money doing it. I sure hope so.'
No, I hope not.
And yes, I have a man-crush on George Clooney. What's it to ya?! I want to hang out on the set of the Oceans' movies, joking around with George, Brad and Matt. I want to have a constant smirk on my face because I'm so goddamn handsome and rich. That's MY dream and I don't care what you think!