Their first project will be the publication of Gygax Magazine.
I think that the logo alone speaks volumes about how much this is intended to resemble the (good) old days of Dragon Magazine.
If you haven't heard then here it is - TSR has reformed and will be publishing a general gaming (heavy on RPGs) magazine called Gygax magazine. If you are interested in signing up for email notifications about publication, etc, then you can go to this website.
There are evidently some riffs in the Gygax family over who is and who is not supporting it, but it definitely seems to have the support of Gary's two
With the recent publication of the 1st Edition reprints (PHB, MM, DMG) and the upcoming reprint of the 2nd Edition books, the folks at Wizards of the Coast definitely have gotten the vibe about the Old School Renaissance that is out there. It makes sense. The millions of gamers who grew to love D&D in it's earlier versions, loved it as it was. Changing it too much will lose them.