I can't imagine (and most reports seem to agree) that this would be a one off thing. Surely Malkmus has seen the example of the Pixies and figures their fans have disposable income now.
So there's another in the list of shocking reunions happening. How long til Bob and Grant decide there's a ton of money to be made in doing a reunion tour playing "New Day Rising" or "Zen Arcade" in their entirety?
If anyone here is into blues/jazz/jam stuff, check out the website of Mountain Jam. They have a streaming media player with tons of great tracks. I've been hooked on this all week so far, and I'm not even close to done with it.