Thanks to SkateFiguring, who was able to dig up some Russian websites, we have an interview with Alexander Lakernick, VP Russa Federation. (the link is in the topic about Plushenko's reinstatement)

Mr Lakernick has advised what is now known:

that the Olympic Games will begin with the new TEAM EVENT.

1. There will be 10 Teams selected from the previous Worlds results and results of other major events.

2. Each Team will be comprised of one Man; one Lady; one Pairs couple and one Dance couple.

3. All 10 Teams will skate a Short Program.

4. Based on the results of the SP, FIVE teams will skate the Long Program.

5. Every Team going from SP to LP will be allowed to change 2 skaters.

My Thoughts

Worlds 2013, and the GPs will be most important. Maybe Euros and 4CC but they shouldn't be - neither is totally international.
I kind of think the best of two changeable skaters would be the SP unless the No.2 skater is highly competitive.
If the Oly Games start with the SP they will make a very interesting LP if it closes the games.

any further news on this Oly Team Event would be appreciated.