Basically, Danger Mouse, who has done a bunch of awesome stuff in the past (Gnarls Barkley, the Gray Album, etc), and James Mercer, the frontman for the Shins, got together to do a collaborative experimental type rock album. The sound is kind of shins-like, in a very good way.
A Couple of Tracks:
I'd strongly recommend checking out the rest of the album, I really enjoyed it