When I think of the combination of J.J. Abrams and writer Billy Ray(Color of Night, Shattered Glass), the first idea that comes to my head is "new age espionage flick". Abrams' career really took off a few years ago with the help of a sexy Jennifer Garner in the spy series, Alias. Billy Ray was the writer of the excellent FBI flick, Breach, and the political thriller, State of Play. Maybe I'm totally off base, but with Deadline reporting that Paramount has picked up an untitled pitch from the duo, we're bound to find out sooner rather than later.
There are no other details at this point, and probably we won't see anything come of this for awhile. Abrams is confirmed to be helming the Star Trek sequel next year. Billy Ray has the big screen adaptation of 24 on his plate, along with the a script for a revamped Peter Pan story starring Channing Tatum. Not to mention he'll be writing the American remake of The Secret in Their Eyes, and the Somali pirates flick, A Captain's Story starring Tom Hanks.