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Billy Corgan says the new Pumpkins lineup is, well, smashing! (© Shawn Thew/epa/Corbis)

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The Smashing Pumpkins of 2010 are just fine and dandy - so says Billy Corgan during an exclusive and wide-ranging interview with MusicRadar. "This is the best lineup the band's had since the original four, and I think we're really going to put something together," he says. "I feel really positive."

He has a right to feel excited, as the first decade of the 21st Century hasn't been the easiest for Corgan or the once unstoppable Pumpkins. The group, which dominated the '90s with groundbreaking and chart-topping albums, fell into disarray, members began coming and going, all of which prompted Corgan to end his beloved band.

Corgan, guitarist James Iha, drummer Jimmy Chamberlin and bassist Melissa Auf der Maur (who had replaced original bass player D'Arcy Wretzky) played their final show on 2 December 2000 at The Metro in Chicago, Illinois.

The shortly lived band Zwan featured both Corgan and Chamberlin, but Corgan pulled the plug on that outfit in 2003. Then, in 2005, to the surprise of many, the guitarist took out full-page ads in The Chicago Sun-Times and The Chicago Tribune announcing his intention to reform the Pumpkins. "I want my band back, and my songs, and my dreams," he wrote in the ad.

Only Chamberlin took part in the reunion, but gradually the basis of what would become the Pumpkins of today took shape. Guitarist Jeff Schroeder and bassist Ginger Pooley signed on, and Corgan once again had a group. Following the release of 2007's underpraised Zeitgeist, Corgan and the Pumpkins were free agents, and the guitarist stated that he was intent on issuing singles only independently.

Recent developments have been coming at a fast clip: Chamberlin split last year. His replacement? The then-19-year-old (!) Mike Byrne.Then Ginger Pooley dropped out, deciding to devote her attention to her family. Corgan posted an online search for a replacement bassist and a keyboardist, and while the keyboard issue may or may not be resolved soon, a few weeks ago the Pumpkins welcomed Nicole Fiorentino to the fold (Mark Tulin of The Electric Prunes had been filling in on recordings).

All of this while Corgan and the band have been tackling a massive 44-song set called Teargarden By Kaleidyscope, which will be released free online, one track at a time (although 11 physical EPs will also be available commercially). Of the first four, they range from bracing rockers (Astral Planes) to shimmering acoustic ballads (A Stitch In Time). A Song For A Son, the first of the batch, already feels like a Pumpkins classic, its epic scope and arrangement at times recalling Stairway To Heaven.

Billy Corgan is very much an interviewer's dream. Fascinating, candid, witty, eloquent, insightful, there's never a dull moment. From record making to guitars to Pumpkins past and present - and hey, we even talk a little baseball - he holds your attention. In fact, our talk was so comprehensive that we're presenting it in two parts. The following is Part 1. Look for Part 2 in the coming weeks.

Listen to the podcast below and read on for text of the interview.

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First things first. Let's talk baseball. What are your thoughts on the Chicago Cubs this year?

[sighs] "It looks like another year of implosion. For years the complaint was they wouldn't spend enough money. Now they're the third-highest payroll in baseball. I don't know. I was really happy when they brought in Lou Pinella - I think he's a fantastic manager.

"I don't know what the issues are. Obviously there's some sort of chemistry issue going on. I haven't spoken to anybody on the team for a long time, so if there is an issue, I wouldn't know about it. That's just my general sense, when a team doesn't click."