From Paul Waggoner himself: "The songs are meant to flow in and out of each other like one big chunk of music, creating a seamless and chaotic musical journey".
They're going back to the intricate and heavy sound of Colors/The Great Misdirect/Parallax. The album will be their longest (78 minutes, with a 15 minutes closing song). Naming it Colors 2 might be a bad decision, because some people will expect it to sound exactly like Colors, which it won't, but there definitively will be throwbacks to Colors.
I think Colors is great, but overated. They showed more maturity in their harmonic and formal writing in their subsequent records. Their masterpiece is Parallax 2, so I'm perfectly fine with the new album not sounding like Colors.
If the single and the small piece of another song that has leaked (which is better than the single) and are any indication, it seems the new album is going to be a recapitulation of their whole career in a beautiful chaotic mess.