That brings up a question: Will the band own the music like Derek's owned the music from most of his CDs? That is, will the copyright line be along the lines of "copyright 2007 Caedmon's Call, licensed to INO Records"?
It depends on how they do the publishing aspect of it. With the seasoned songwriters they've got, there's no reason for the band (or,...moresolikely, the individual songwriters [Webb, Osenga, Googame, etc]) not to retain ownership of the new stuff. The old stuff, however, will likely be retained by whoever published it.