Though nearly half a million record covers and booklets were printed in preparation for the release of SMiLE, Wilson abandoned the project in May 1967 and has scarcely spoken about it since. Pending ligitation with Capitol Records (over unpaid royalties), clashes between Mike Love and Parks over the themes and lyrical content of SMiLE, and Wilson's growing disillusionment with the project all led to its being permanently shelved. That June, Wilson holed up in his home studio with his bandmates and recorded the clumsy Smiley Smile, featuring neutered renditions of SMiLE material-- including a severely altered single of "Heroes and Villains" that was partially recorded in Wilson's drained swimming pool.
It's hard to imagine bigger news than this in the pop music world. I suppose if there were a newly-discovered full-length album by The Beatles, that would come close. But the thing about SMiLE is that everybody knew about it, everybody has had many of the bits and pieces available to construct their own theories ... but before now no one could know for sure what SMiLE should have sounded like. Now we can all hear it for ourselves.
This is huge. Even if you think the Beach Boys suck, this is still huge.