Word has been going about for some time that director David Fincher is trying to get a project off the ground that would gather several famous directors to create 3-D animated shorts based on the 'Heavy Metal' license.
It seems that Fincher is stil trying to get the studio to support thefilm and has already gathered on board directors such as James Cameron, Zach Snyder, Gore Verbinski as well as Heavy Metal magazine's and TMNT co-creator Kevin Eastman along with Blur Studio's Tim Miller on board to each direct a short.
It is likely that Fincher is going for a theaterical release, although these sorts of projects usually come out as a direct-to DVD release. but given teh calibur of directors involved, the quality might make it good enough to consider getting a theaterical release.
You can read more about the story here. It is also very likely that this film will also be a stereoscopic 3-D project!