I think it sounds pretty cool. Strange, sure, but pretty cool nonetheless. Besides, Costello's done odder-sounding stuff than this. A few songs from When I Was Cruel come straight to mind.
So far as an album of collaborations goes, I'm not exactly expecting solid gold like the Juliet Letters with the Brodsky Quartet, but I'll be interested enough to look forward to this. September 17th you say? Duly noted