The descriptions of the movie on THR and the script review are a little different, but the basic gist of the film is about a magic rock in a suburb where everyone works for the Black Box company. Kids find this rainbow-colored rock that grants wishes, and go a bit nuts with it before the adults get their hands on it and things get even crazier. Bennett plays the protagonist, Toe Jackson, Cryer and Mann play his parents, and Dennings plays his older sister. Spader, meanwhile, plays Mr. Black, and Macy plays "the father of a germphobic genius," which I imagine makes him Dr. Noseworthy. If Robert pulls this off with the same spark that Spy Kids held, this could be one fun flick.
Per usual, Rodriguez is involved in many aspects of the film -- he wrote it, is producing with ex Elizabeth Avellan, and will be director of photography, editor, and visual effects supervisor. According to Variety, production is just gearing up in Austin.