Yes there are plans for another recording. In fact, I am going into the studio this weekend to track guitars.
We started recording in May 2010, but I was not happy with the way the sessions turned out and we recorded the songs at slower tempos that sucked the energy out of certain songs (my fault as a producer not knowing my shit better going into the sessions).
Not to mention our singer and bassist both quit in the months after that.
So Adam and I are working our way through the songs slowly and just re-tracked the last of the aborted songs from 2010 in May 2011. Terran from Kayo Dot did some piano and Hammond in June with more to come, and I am in the midst of writing the concept story for the album so i can start writing lyrics and finishing the melodies, harmonies, and any other instruments we need.
Hopefully this time next year it will see the light of day. =)