It is set in the present day. WIZARD had an article about it some months back. Basically, the writer wants to "insert them into the modern Marvel" without doing "too far into grimness" or ignoring their past (such as Marvel Boy sort of going bonkers in F4 many years ago). Of course, to be fair, some of those 50's superheroes were plenty "gritty" for their time. I doubt it'll be tied into CIVIL WAR, though, although I could be wrong. It seems dumb to try to hitch an untested franchise immediately into the crossover event. DC did that with a few books, and some sunk, and some swam.
Marvel's had an incredibly hard time creating any lasting, relatable, effective character franchise for the past, I dunno, 20 or so years. So I'm all for trying to make some folks from the back-vaults work.