Not very good (nowhere near asbadas Mr Young's first)
Most interesting new part to me was the separation of the MEMS actuator business from the camera business. Apparently, the market has spoken and Tessera has lots of business for just the actuators--more than they can meet themselves, so they're taking manufacture to outside fabs. This is relatively unconventional stuff, and teaching others to do it risks knock-offs. To justify that risk, I have to figure the potential market is substantial. They still want to do the UXGA and better camera modules in-house when they're ready to go.
Scuttlebutt from other parts of the semi industry suggests that many companies are making bets as to when business will pick up. No guidance from Tessera on that. Entirely too much respect from analysts for management's reluctance to talk about legal developments (do they have pre-screening to eliminate questions that would be badly received?)
I believe it was said that they are in "discussions" with the the patent infringers and that they have design wins for MEMS- which they said is superior to current tech and that they believed it will be the standard going forward in mid-'12.