For all you people who likely got your hopes up, here is the latest on Eric Avery's involvement with the Pumpkins:
From
http://members.cox.net/pbr/
(8/22/06) Eric update + Polar Bear on MySpace
My apologies for the last update where I initially jumped the gun declaring Eric the new bassist for the Smashing Pumpkins. His involvement turned out to be fleeting, and they've now pretty much stopped working together.
Eric is currently hard at work mixing his record. So it shouldn't be much longer. In addition, he still plans to offer everything from Polar Bear's catalog soon on various download sites, including some totally unreleased songs. So while we most likely won't be seeing Eric up on stage alongside Billy playing to a packed stadium, us fans of his have plenty to look forward to in the near future.