From Billboard:
Ending months of speculation, My Bloody Valentine is indeed back together and plans to release new music in the near future. The revered British rock act's frontman, Kevin Shields, confirmed the news during a video interview with fellow artist Ian Svenonious for "Soft Focus," which goes live Nov. 12 on VBS.tv.According to the Daily Swarm, Shields told Svenonious that the following projects are in the works: an album, now 3/4th finished, that was first started in 1996; a "compilation of stuff" recorded in 1993 and 1994; and "a little bit of new stuff."
Shields said there will be an album out before year's end, but gave no further details as to how it will be distributed. "It sounds like what we sounded like -- different but not radically different," he said. "People will go, 'Yeah, it sounds like My Bloody Valentine.'"
The Billboard article also says that it's unclear whether the band will be playing Coachella in 2008, an event that has been heavily rumored for months now.
However -- although the band hasn't played together for a bunch of years now -- this doesn't sound so much like a reunion as a reactivation, especially since a lot of this material is nearly 15 years old, apparently.
Either way, listen to "Only Shallow." At maximum volume. Who saw 'em here back in the day?