Not much else is known about the show other than that Mike Judge will still do the voices, the two protagonists will still be in high school, it will still be on MTV and they'll be mocking current music videos. It's unclear how the music video data will actually be pushed through the MTV channel system but sources in the scientific community assure me that the technology exists.
This article about the comeback was written in July of 2010. How am I only hearing about this now?!