I think the newest formation might play just the classic era stuff. Jakko Jakszyk was in the 21st Century Schizoid Band (for those who don't know, they were a group of former KC members that played mostly pre-Larks' to Red 60's and 70's material) and Mel Collins was in the band for a short period in the early 70's (has since appeared on Red and the last ProjeKct with RF, Jakko, Tony Levin and Gavin Harrison).
Jakko (who is also picking up Steven Wilson's slack on remastering the KC catalogue, and has also done the same for Emerson, Lake & Palmer as his mix of Brain Salad Surgery is to come out next month) has dropped some tasty hints on his Twitter as to what to expect with this new line-up.