Mav is at the Capcom panel at NYCC right now, sending in info as he can. -Right now MMU is being shown off, though just the same TGS trailers and such. Mentioned that non-Capcom characters will be in the game.
-No Legends 3 trailer (aww)
-Lots of reiteration about how the game will be made with the fans, which is why it's called Project...
-A special site on Capcom Unity will be made for this.
-They want VAs and boss ideas (really! I have a feeling BD will be into that)
-1 person MM fans only (eh? Apparently, this is for an MML3 developer liaison.
Update from Mav: An additional detail was that the game is still extremely early in development, and the team pretty much just has a small, model town created so far. They felt it would be too embarrassing to show off at this stage.
I think Mav may have taken off for another panel he has to be at, but you can also find info at PRC.
Update: Video footage of asset build via Joystiq.