I don't think that the dates have been sorted out yet - Everton and Man City (and possibly Villa?) have expressed their intention to apply for it, though.
Format is for 50 teams to take part.
First round is between 28 teams from the lowest ranked nations; the 14 best out of this lot then go into the second round into which 14 teams from the associations ranked between 9 and 22 in the UEFA rankings join in.
At the end of the second round, the 14 winners from that round go into the Third round, where they're joined by the sides from the top eight associations. Villa would go in at this stage. All the above is complicated if one national association doesn't send a team, since that opens up another slot for another nation.
After the Third round, the top 11 sides go into the UEFA cup 2nd qualifying round.
The Intertoto will end with the next competition, as a result of the changes to the CL (22 teams into the group stages, 10 from qualifying) and the UEFA Cup qualification system that kick in from next year.