LucasAnimation has been in the works for YEARS now. They actually opened up the U.S. based part of the division last year, and yes, the idea is to do CGI features...that's what the division is all about. Personally, I'm hoping they finally get the Frankenstein pic greenlit, that ILM was trying so hard to get off the ground. Saw some test footage from it a couple years ago, and it looked pretty damn cool.
Sadly, I don't think SW is done...JEDITV.COM, with a redirect to www.starwars.com just went up a day or so ago. It looks like the TV series rumour is true in some way...god help us all, like we need another neverending Sci-Fi franchise.