Michael Luckman, is organizing this event to beam a message of peace to the universe. Luckman is the author of Alien Rock: The Rock'N'Roll Extraterrestrial Connection.
In my opinion, anything to get Van Halen back together and on the road or in the studio would be great. Even if it's a one time thing it would be worth recording and selling. There are millions of old Van Halen fans all over the world waiting for that.
There are also talks that after that show Dave will leave the band again and will be replaced by David Coverdale of Whitesnake fame. The best person to fill the big shoes left by both Sammy and Dave is Ralph Saenz vocals for The Atomic Punks (an early Van Halen tribute band) and vocals for Metal Skool (a tribute to 80's Big Hair Heavy Metal). This guy is a great frontman and singer. You have to see him to really appreciate him.
Check out the links to see and hear them in action.