J.J. Abrams Teaming up with Spielberg?

Vulture reports that J.J. Abrams will next direct a project that will be "both a tribute to and a collaboration with Steven Spielberg." According to the site, the script is a "a tip of the hat to [Spielberg's] movies of the 70's and early 80's."

If the project moves forward, Abrams would direct from his own script starting early fall for Paramount Pictures.

The project reportedly "will deal with everyday people whose personal relationships are tested when they are thrown up against extraordinarily fantastic - and possibly other-worldly - events."

The movie is expected to have a low budget, but won't have shaky cam like Cloverfield. 

Is this his next film before starting work on Start Trek 2? I would have figured he'd stay clear of "other worldly" events and what not before heading back into space for the Trek sequel.

At any rate, working with Steven Spielberg should be amazing, even with a low budget I'm expecting this to be very cool.