Yes! Same here. I've always loved Mimi's songs and have had similar yearnings. It seems such prospects or wishes won't ever materialize, so this is awesome news. Many of her songs are very simple, but they are so powerful somehow ("Weight Of Water", "Blue Christmas", and "In Metal" for instance, just really crush me).
Judging by posts on some other places, some Low fans are kind of wary of the band's choice of Jeff Tweedy as producer, but knowing his recent work with Mavis Staples, which I appreciate a great deal (also keep in mind that Alan Sparhawk is a massive Mavis Staples fan), I can see how this might be fitting and can sort of understand Low taking this decision in light of their hypothetical approach to "The Invisible Way". I am expecting greatness from this album.
Sub Pop have posted an awfully short trailer for "The Invisible Way" to youtube, by the way: