http://badassdigest.com/2013/08/02/new-star-wars-might-use-more-elegant-fx-for-a-more-civilized-age/
Several interesting tidbits:
The last paragraph pretty much confirms this will be shot exactly as the OT and TPM were, complete with actual film. Like I said in previous posts, I just hope Abrams can do with Lucas on Ep7 what he did with Spielberg on Super 8.
In the comments, someone mentions they were at some event with Phil Tippett and he mentioned he was working on some super secret project that in all likelihood is Ep7.
There's also a particularly interesting story someone heard from "a friend at lucasfilm" that kinda takes the idea of George having limitless control and flips it on its head. Worth reading.