What does this have to do with Whitney Houston?
I think Corgan is working on writing the new Pumpkins album, and sometime in the Spring he's going to just "pop" out of nowhere with a band like he did with Zwan (when they played their first show, they already had 40-50 songs tracked).
As for his creativity, I think obviously it's not where it was, but then again most artists put out their definitive work before the age of 30, in my experience. Alot of unreleased Zwan stuff sounded like SP, but he left it off albums because he was trying to do something "different." It'll be interesting to see where the next release goes anyway.