More news here:
http://www.challenge-miyakejima.com/index.html
The island will again be hosting a motorcycle festival this year on Oct 17th - 19th 2008.
There does not appear to be any roadracing involved (officially) but there is still very strong interest and support from the motorcycle community in Japan as well as the sponsors.
One of the supporters listed is "The Isle of Man TT race" which is really nice to see.
The bike importers like Harley, BMW, Triumph etc are supporting the event.
Good luck to them.