It's just an exhibition kind of tournament where each country has 2 all rounders, who bowl all the overs, and bat all the overs. (and they get some fielders as well)
From the site:
* Eight teams of two allrounders from each of the Test playing countries
* The teams are divided into two groups of 4 teams, with each team playing against all the other teams in their group
* Each of the 12 Group games will be played as 8 overs a side, the two semi finals will be played as 10 overs a side and the final will be a 12 over a side match
* In addition to the two allrounders, the fielding team will consist of 18 fielders including two wicket keepers who will be rotated after each match
* Each match is decided by both teams playing one innings each with the winner being the team scoring the most runs in that innings
last i heard, they were having issues negotiating the rights for TV coverage... not sure if they've got it sorted, but they said negotiations might go until the day before the first test... so who knows....