I'm most pleased to read this! The only other rumor I have heard, from a year or two ago, was that Sony was interested in developing the technology. If Canon can make strides, that might give them an edge.
What this should tell all the foveon-Sigma haters, is that the concept definitely is worth the resources spent to develop it. Why? Because the basic idea, is the closest a digital sensor has come, to what film emulsion achieved. That of delivering full color at every location, within the lateral plane. Not only that, but film emulsion also achieved full color in the longitudinal plane...and a very thin plane it was. However, its plane was also that of flimsy plastic film which did not always form a perfectly flat plane within the camera, or the enlarger.
That said, I honestly do not think the foveon approach, will ever achieve parity with bayer or similar CMOS array approaches, with regards to the higher ISO noise floor. I could be wrong, but it just seems like the physics are against it. But that doesn't mean the foveon technique, won't ever be at parity, or even surpass other techniques...at the lower ISO's.
I owned a first generation DP2 for about 2 years, and shot over 5000 images with it (alongside my Canon DSLR and other gear). I loved it a lot, and sold it for a great price. Its images easily scaled to 25 megapixels. The ability to achieve natural color saturation in post editing, was better than anything else I've experienced (with minor caveats such as the weird tint toward the corners of the frame...easily correctable...and obviously nothing above ISO 200). I am now frankly craving a DP3 Merrill, for use in landscape stitched panoramas. Talk about cramming a ton of resolution into just a few shots...! The camera is said to take 8 or more seconds to write the RAW files, so I guess as long as the clouds or other objects aren't moving too fast, panoramas should be achievable. HDR panoramas might be near impossible though, depending on how wide the overall angle of view is...of course if there is no cloud or other movement at all, it might not be so bad.