That CG star is Ted, and I think it's safe to assume that he will be the teddy bear part of the project, but there's no word on what the plot entails, or why a teddy bear would have to be CG (and so incredibly raunchy). The only other nugget that's been released is that MacFarlane will continue his voicing trend by co-starring as the voice of Ted. It shouldn't, however, be too long until we hear more. It seems everyone wants to get this puppy into production this year, but it all depends on timing, and how MacFarlane will fit this gig in with his work on his three animated shows -- Family Guy, The Cleveland Show, and American Dad.
This probably won't come to a showdown, since Gibson's Beaver is well ahead of Ted on production, but I bet we get an inundation of actual fluff if these flicks do well. Get ready -- I see a Teddy Ruxpin feature in our future.