So, there is huge Wheel of Time news out today and I know everyone is talking about it. Some of my old friends over at Wotmania have started a new Wheel of Time blog called The Thirteenth Depository, and it is simply spectacular (especially some of the original art work). Since Wotmania plans on closing shop in a few months and future evolution of the site is in doubt, I love to see that the wealth of information is being preserved (Larry has been slowly posting other SFF-related articles and interviews and I may begin to in the near future as well). Anyway, I highly encourage any level of fan to visit.
And about all that other news about A Memory of Light - personally, I think it's a hoax centered around some nugget of truth. I highly doubt that three books is anywhere near reality and that cover art is especially horrendous (and apparently not approved). The title for Volume One seems reasonable enough to me, but is also likely a fabrication. For more info, see Adam's post at the Wertzone and Brandon Sanderson's posts. I'll be waiting to see what Tor's official press release looks like - it's anticipated to come next week.