Flying Colors is my favorite non-DT project of his. By Far. I even loved the 2nd album (minus that first song).
My only fear is that when MP gets super excited about this kind of stuff, it makes me worry that it's more super prog than I'd like. I hope they stick to the short catchy fun rock songs, and lesson the 10 minute Transatlantic style epics. But we'll see. I'm skeptical, but only because I think that Portnoy tends to go full prog when he has the chance.