A not too technical summary: SV8 will solve existing limitations of the format. Musepack will be container independant and properly muxable into containers other than the new MPC container (MKA, MKV, NUT, etc.). It will be flexible and embeddable in any type of multimedia framework without hassle for developers. Seeking will be optimal, and it will support proper streaming. As for the audio coding part, improvements and changes are possible, it depends on the amount of support we receive and people involved.
For detailed preliminary specifications and work in progress you can view our
Trac repository.
And it's "Musepack", not "MusePack" and not "Muse Pack"