It was supposed to be released on the Stones' own label, but between various drug and legal problems, the album never saw the light of day until after Phillips died, though it was widely available in the bootleg cyberspace universe before then.
There's a song from those sessions called "She's Just 14". Kinda creepy just from the title. Even more so, now that you realize he might have written it about his own kid.
Aside from that, it's pretty good musically though. And the only time Mick Taylor and Ron Wood played on the same record (Woody played bass - Bill & Charlie weren't around for the sessions)
Here's one from that album (not the previously mentioned pedophile anthem!)
http://www.youtube.com/watch?v=GSfAix7lEgA(though the ballerina references are a little suspect, in light of Mackenzie's revelations :scared: )