It sounds awesome.
"Largest telescope ever"? Check.
Baller location in Chile? Check.
Excessively expensive? DOUBLE check. But still, totally and absolutely worth it. I, for one, am also SUPER glad to see (certain, particular, not naming any names) universities spend their money on something academic related rather than making the buildings slightly cooler on campus...but that's just me.
This new telescope will be a partnership between the University of Texas at Austin, the Carnegie Institute, Texas A&M University, Harvard University, the Smithsonian Astrophysical Observatory, the University of Arizona, and the University of Chicago, the Australian National University, Astronomy Australia Ltd., and the Korea Astronomy and Space Sciences Institute.
Big 'ole step for mankind y'all.
Cheers - M.