From their Myspace blog:
Hiya frengers, I guess you must be wondering what's going on in the Mew camp? Well, it's certainly been a long journey finishing this one, even we can't believe it! But rest assured, it won't be long now, finishing touches are being applied onto the songs as we speak (or as I write this, it's 2:29 am and I can't hear anyone speaking, in fact no sound at all, save my tapping on the keyboard..)