What we do know is that newt was announced two years ago with the following plot description: "What happens when the last remaining male and female blue-footed newts on the planet are forced together by science to save the species, and they can't stand each other?" Sounded like a cute rom-com, right? Academy Award-winning sound designer Gary Rydstrom was set as the director, and release was scheduled for the summer of 2011.
Less than six months later, Cars 2 was bumped up an entire year, snaring the summer 2011 release slot away from newt. The most notable news since then has been the lack of news about newt. Pixar has always been very exacting about getting the story right, polishing the narrative until it shines. As an old man repairing Woody* says in Toy Story 2 (quoted at the official Pixar site): "You can't rush art." So I hope that newt is clinging to life and will appear when it's ready, instead of being wiped off the face of the earth.
* UPDATED: Thanks to commenter Shawn for the correction on who says what in the movie.