From what I understand, for better or worse, Kojima is loosely involved with this project. More of a executive producer than anything else.
http://www.andriasang.com/e/blog/2010/09/20/kojima_tgs_2011/
Hideo Kojima has been Tweeting quite heavily following TGS. Earlier today, he Tweeted a response to a post by Torico creator Fumito Ueda.
But before that, he had something to say about his own showing at TGS: "I think it would be nice if next year I can do not just editing, but introduce my own new game (game design, script and direction)."