The release is a companion album to The Dark Side of the Moon, and it's designed to be played simultaneously, preferably with the original 1973 vinyl. It also syncs with the 1939 film The Wizard of Oz, too, so it stands to reason you can listen to the Lips while listening to Pink Floyd while watching the movie. Go ahead; take another bong rip.
According to a press release, the album is optimized to work with the vinyl version of Dark Side but will work with any format. Perhaps this is just a ploy to get people to pick up the original album the way it was meant to be heard. If it was any other band, maybe, but given the Lips history, it's probably a little of both.
In all honesty, this is no more surprising than a collaboration with Miley Cyrus covering the Beatles. Actually, it's quite a bit less. This at least has precedent, as the Lips released a track-for-track tribute to The Dark Side of the Moon with the help of Henry Rollins, Stardeath and White Dwarfs and Peaches in 2009.
Flaming Side of the Moon, can be streamed below. According to the press release, 100 copies of the LP will be distributed to the Lips family and friends.