J.J. Abrams, Steven Spielberg

Maury Phillips/WireImage.com; ZumaPress.com

Get ready for a nerdgasm of epic proportions.

Word broke last week that the new and old guards of sci-fi, Steven Spielberg and J.J. Abrams, are teaming up for a super (clue No. 1) hush-hush project. Well, today we got a title, a teaser-trailer and a clue into what it isn't.

Which, despite heavy speculation to the contrary, is neither a prequel nor sequel to Cloverfield. Here's what we know...

First off, not that you needed another reason to see Iron Man 2 this weekend, but here's one anyway: The 90-second teaser-trailer, which Abrams shot independently from the film—shooting on that has yet to happen—will run before the movie. (And, with any luck, leak online soon after.)

And while it doesn't give a whole lot of insight into the plot of the film, it's clear that the movie will have nothing to do with Cloverfield. And everything to do with being awesome and creepy (and awesomely creepy).

According to Variety, the original story is also reportedly inspired by some of Abrams' favorite movies growing up, of which Spielberg's oeuvre plays a big part.

So while the storyline remains unclear, the best guess (with a major clue-assist from the title) comes from the Hollywood Reporter: It somehow revolves around a group of kids in the late '70s who play around with super 8 cameras and just happen to catch something they shouldn't have on film. And that something is, by all accounts, supernatural. And probably deadly.

According to a play-by-play of the trailer, Area 51 is somehow involved.

That lines up with last week's news that the film will "deal with everyday people whose personal relationships are tested when they are thrown up against extraordinarily fantastic—and possibly otherworldly—events."

The film has a budget of somewhere between $45 million and $50 million, so it's unlikely to be chock-full of special effects, and will shoot this fall, which also means a later start for the Star Trek sequel, which Abrams is expected to direct.

He'll also take on helming duties for Super 8 in addition to writing it. Spielberg's involvement taps out as producer.

It's set for release sometime in summer 2011.

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