In short, it's a new web series that is true to TOS. But unlike most productions of this type, this one has good actors and production quality to back it up. Looks very promising. And of course the best part is that it ignores the new abrams-verse. It is true to the original timeline and it extends that timeline.
It starts principal shooting in October 2012.
Clip showing the beginning of the new series, picks up exactly where the last episode left off:
I need to watch TOS again to brush up. My trek is mostly grounded in TNG.