New Bible revision in the works

I ran across this new Bible version which is in the works. It is the Word of Yahavah--KJV3. It is scheduled to be finished in January 2010. The website states the changes are as follows: "Original Hebrew words are used in place of LORD (YHVH-Yahavah) and God (Elohim or El as indicated). Old English grammar was not altered, except in rare instances for clarity and is consistent with other versions. Words such as thee, thou, couldst, wouldst, etc., were changed to current (2009) English spelling."