I heard a rumour that they are down at Sandy Point again, setting up for the record... is this true? Does anyone know?

yep - they arrived last early last week, with the expectation of starting their campaign this week. A few of us too some pics of the container being unloaded onto the beach.

is this the yellow pages before? if it is may the winds be at it's lowest...

No. New craft was build incorperating the lessons learned from Yellow Pages.
Basically YP had a quite high aspect rig which limited it to 18kn. The MI has a lower aspect rig so it can sail in higher wind..up to 25 I think but has not been lucky with the wind and reliabilty.