Well, who knows for certain but this is what others are saying.
from Lolla boards
Apparently James Iha is in. Someone on the netphoria boards I've been going to lately said he saw him in a club downtown a few nights back, in Chicago no less, and said he talked to him for awhile and finally asked him if he was on board. He replied he wasn't in for the album but would probably would be touring.
This is coming from a guy on the message board, yes I know, but he has also been on the board for years, so I guess it's someone respectable enough to not lie. Then again, who knows?
Just thought I'd share.