Though the band had originally planned studio time for October/November, it looks like H2O will be in the studio in January:

We will be recording in California in January [for] our first new cd since 2001. We have a 23 new songs (not all for album) and I think the old and new h2omeys will appreciate and like 'em! We are gonna be doing daily blogs and video exclusivley on out trig.com page.

The trig.com page the band mentions is here.