Mike bailed on OSI based on how everything ended up after the 1st album. A lot of that had to do with actually working with Kevin Moore. He played on the 2nd OSI album mainly as a favor, but he had no creative input, and pretty much had no interest in being involved with OSI on a creative and I'd assume any level thereafter.
But Second Nature could have been the Cat's Ass. As much as I love the 1st 2 TA records, Jim potentially would have made it even greater. But we'll never know.
Also keep in mind, Daniel Gildenlow was approached and wrote vocals for a 27 minute piece ("The Thing that Never Was").
I still think if they're wise, Mike and Jim will work together again. Even though he didn't do much if any of the writing, just listen to the John Arch EP as well.
As for this new project, I recall either Mikael Akerfeldt or some suggestion or news story comparing what they wrote to Scott Walker. Which I'm kind of wary of. Sort of minimalistic, drowney psych folk. It almost potentially sounds like some of Steven Wilson's other minimalistic projects which bore me to sleep.
oh, and Lightbulb Sun still remains Porcupine Tree's best work for me (to the user who claim they can't stand it). Although Feel So Low is probably the worst part of it/and the biggest reason why it's not a 5-star record to me.