I think TSRA new management doesn't want to be in the manufacturing business.
They want to be in the patent licensing business only, both in microelectronics and in digital optics. So, IMHO, they will try to license their MEMS IP and get others to bring out the actual MEMS camera products.
FWIW, I think TSRA is undervalued at current levels, especially if the MEMS technology really works and can be manufactured cost effectively. But, it will probably take a quarter or two change the course and to start seeing significant profits.