Michael's not in the news very much, and he doesn't have anything lined up to direct right now. He might have gotten dispondent after the failure of Ali (gorgeous, awful movie), followed by Robbery Homicide Division's quick hook. I was hoping he'd shop RHD to HBO, try to re-cast it after Sizemore's arrest... but I haven't heard anything.
Mann's a producer on Scorsese's Howard Hughes film (The Aviator, starring Leo DiCaprio), but that's about all he's working on right now.