The photo comes courtesy of the DailyMail, who snagged a number of other less interesting shots. This would clearly be part of the time travel portion of the film, which has Agent J(Will Smith) traveling to the 1960s to rescue a young Agent K(Josh Brolin). Jemaine Clement(Flight of the Conchords
Men in Black 3 has been plagued by script problems and delays, mostly focusing on the 1960s portion of the story, but I'll jump at the chance to see how Hader pulls this off. It'll probably be the best part of the movie, to be perfectly honest.
Despite the setbacks, director Barry Sonnenfeld still has the film on track for a May 25th, 2012 release.