According to The Wall Street Journal JJ (Star Trek, Lost, Alias) Abrams is in talks to produce a movie about the Japanese interchangeable toys Micronauts, to which Hasbro just acquired the rights.
First released in Japan in 1974 (under the name Microman), the toys were imported to the States by the Mego Corporation in 1976. They also became the stars of a Marvel comic which debuted in 1979 created by Bill Mantlo and Michael Golden. In this storyline the Micronauts are beings from the Microverse who, when they come to Earth, are the size of toys.
Abrams has also been confirmed as the director of the pilot for the TV show he’s developing for NBC, Undercovers, which is described as a cross between Mrs And Mrs Smith and The Bourne Identity. Which may not sound like SFX territory, but hey, this is the guy who gave us Alias – we're betting there’ll be some outlandish elements.