The team from John Hopkins University have a report of their recent visit to the Valley of the Kings, accompanied by Inspector Ali Reeda. I'd not expected too much since if they were told anything they'd be under reporting restrictions, but the report still contains a couple of interesting titbits.
The first location is below the tomb of Merneptah (son of Ramesses II). The photograph shows the ancient rainwater course cut to accommodate flash flooding in the Valley. At the top of the photo (which is above and behind the tomb) is a cliff that produced a water fall when it rained, and at the bottom of the photo you can see a deliberately cut winding path that brought the water safely away from Merneptah’s tomb. As they are digging they are looking for the tomb of Merneptah’s mother, Isisnofret. Both the waterfall and the queen’s burial place were mentioned in an ancient inscription found in the Valley.
... and in relation to the central excavation:
Ali points out that Howard Carter cleared down through most of this during the period of searching for Tutankhamun’s tomb. But now the SCA is beneath Carter’s debris and found a cut floor.
There's a full set of high quality photos of the excavations.
PS Their site also reproduces some Google Earth shots of Karnak Temple and the Mut Temple.