Jimmy Chamberlin, drummer with the reformed Smashing Pumpkins, has posted an update on new material on the band's MySpace page, here.
The post of November 15 reads:
Hello all! A quick update. We are moving along nicely in the studio. BC (Billy Corgan) pulled off a magnificent guitar symphony last night and it is still ringing in my ears this morning. Eight guitars resonating in one big harmonic handshake! And the drums... of course! Yes, things are sounding great my friends. Today we will be working on vocals and solos, tomorrow, who knows. We are channelers. Sonic students.
Right now no exact release date for the band's new album - their first since 2000's MACHINA/The Machines of God (yes, I'm ignoring that internet-only release) - has been set, but it's expected in 2007.