The Review of Biblical and Early Christian Studies blog just posted a detailed summary of a recent paper presented by Michael Theophilos at a seminar in Cambridge. The paper appears to be substantially the same as the one he presented at the SBL last year in our Applied Linguistics session on the pronunciation question.
Check it out here: http://rbecs.org/2012/11/26/michael-p-theophilos-on-the-pronunciation-and-interpretation-of-biblical-greek-a-re-assessment-in-light-of-the-papyri/