The new Smashing Pumpkins record, Teargarden by Kaleidyscope will be given away for free, track by track, all 44 songs. The first one should be available somewhere around Hallow'een(and probably titled The Trip). The songs will be totally free no strings attached, and will also be made available in a collectible ep format (11 of em!) or a boxset.
Billy is currently recording in Chicago with wunderkind drummer Mike Byrne. You can listen to Dave Navarro's interview with Billy Corgan here. From the interview it sounds as though Navarro will appear somewhere on guitar. Check out Kerry Brown's recording blog here at ain't no sleep when you're living the dream.
I still love the Pumpkins after all these years(and changes), always will.
Can't wait to hear the new tunes.