In his most recent edition of the Lefsetz Letter, music industry commentator Bob Lefsetz reveals that he was invited to hear the new Aerosmith project, and he offers up some insights about it.

Jack Douglas is back to produce this album -- Aerosmith's first disc of original material in 10 years -- and Lefsetz says Douglas wants to recreate the sound captured on the 1976 album 'Rocks.' The band has one finished cut, but plans on introducing fans to the new music during their summer and fall tours.

While listening to some of the new mixes in the unnamed studio -- which Lefsetz describes as "funky, not sterile. It breathes, it's not a museum. It's dirty, not sterile" -- guitarist Joe Perry sat down with him for a conversation about the album and all things Aerosmith.

"We talk about (Steven) Tyler and 'Idol' and this crazy, mixed-up, shook-up music world and Joe tells me he's just dying to have new music to play live," Lefsetz writes.

As for the new song: "Tyler's the front man. But listening to this track, you're reminded Aerosmith is a band ... Underneath the vocals, the guitars are whooshing by, the bass and drums are kicking me in the gut … WHEW! You could not sit still. It was like being jetted back to the seventies."

Perry has previously said the new music "has a feel like some of the early stuff." There is no time table for the release, nor is there any hint that a single may be coming soon -- possibly because Steven Tyler is currently tied up with his duties as an 'American Idol' judge.