The new ad involves paint, and apparently lots of it, as they have a new behind-the-scenes blog up. One of the posts includes a photo of a nondescript building in Scotland that will be featured in the new commercial. From the looks of things, and based on the previous work, it will involve massive amounts of colored paint, and a whole lot of special fireworks that will be used to presumably splatter the paint all over the building, all the while accompanied by some contemplative music.
Sony picked Jonathan Glazer to helm the project. He is known for his music videos, having directed them for Jamiroquai, Massive Attack, and Radiohead, as well as commercials for Guinness and others, and the feature films Birth with Nicole Kidman, and Sexy Beast with Ben Kingsley.