The two I would call myself excited for are based on speculation more than any hard details.
1. Neal Schon and Steve Smith have an instrumental project coming out sometime this year, which might feature Jan Hammer on some tracks. That likely means jazz rock fusion, possibly the best style for all three. It's speculation, though, since all I know is that it's a Schon and Smitty project. Hammer was rumored to have recorded with Schon, but Schon has two albums coming out. This one just seems the more likely guess.
2. Psychotic Waltz hopefully gets their reunion album out. It's been many years since I've had any new music from Devon Graves, I'm really getting anxious for some.
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Winds is also apparently working on new material, but I don't expect anything in 2012. They've indicated they have no intention of rushing things. They've also stated they aren't dead a few times, so that's ok.