According to the company, the "minor" layoff will not affect any future or current projects. You may take that promise with as much salt as you desire. I don't blame you.
Tingler Updates: Kotaku have a response from a LucasArts rep, and they confirm some layoffs.
"LucasArts recently made a minor adjustment in staffing to help us better address the needs of the business," said a LucasArts rep. "We remain committed to our internal studio – and to fostering relationships with trusted external partners – in order to deliver quality games that amaze and inspire fans."
Kroms updates: Thanks to Jeff from the comments for pointing out this Gamasutra story, which indicates the layoff may include up to 50 people. Duke Nukem co-creator George Broussard claims the laid-off employees were working on an unannounced project.