^I have a feeling this ride might end up being a more low-profile, out and back version of T-Express. The rumors state that it will have a similar, if slightly taller and steeper, drop to T-express, and I'm sure they'll throw in a few big airtime hills.
An update from user Crash of SDCFans: http://www.flickr.com/photos/79213651@N04/7257720496/lightbox/
Looks like the track is all the way up the lifthill already, and the station is really growing. I expect to see them working on the drop this weekend.