Today, October 26th, 2008, John Paul Jones answered questions from musicians and fans at Mansons Guitar Show in Exeter.
He was asked about the current rumors regarding a Led Zeppelin "reunion" tour. He confirmed that he, John Paul Jones, was rehearsing with Jimmy Page and Jason Bonham. Robert Plant does not want to do this for the moment. Robert did not want to "make loud music any more" so they had been working with "the other odd singer". JPJ said that they don't know who will be chosen, but "as soon as we know we will tell you." He really hopes that "something will happen soon", he added.
He said the band sounded "fantastic".
Here is the segment on YouTube, as posted by Nick337.