Aerosmith Still Going Strong

Steven Tyler, Joe Perry and Tom Hamilton had plenty to say about their summer tour and their new album, "Honkin' on Bobo," a collection of blues covers that debuted at No. 5 on the Billboard charts.

And the guys decided to give The Early Show Correspondent Tracy Smith an exclusive first look at their new video: "Baby Please Don't Go."

The video may be brand new, but the song is a blues standard, and the sound is classic Aerosmith. Classic Steven Tyler was also the hug Smith got when they met.

The band sat down with her to explain its latest release.

Perry says, "I think what it did is take the bulk of what Aerosmith is and record it. Because you come to an Aerosmith show and you've always gotten a heavy dose of that kind of music."

This last video that's coming out, "Baby Please Don't Go," was shot on tour. Asked why they decided to do it that way, Hamilton says, "We really had no choice. This is what we've been doing for a long time," and laughs.

The band's been on the road and in the studio for about four years straight now. And that's just how they like it.

Tyler says, "You can count on losing your mind. But you can't count on how you're going to feel each song. Even though you have played them a million times, going into 'Walk This Way,' or going into 'Toys in the Attic,' or whatever - it's a different response every night from different people. Always a good one, we're not getting pies in the face. But it's just a really good thing."

It's been an amazing run, more than 30 years that no one could have predicted.

If somebody from the future had beamed down in 1970 and looked at the band and said, "Thirty years from now, you're going to be rock 'n' roll legends and you are going to still be making hit records and still be selling out shows," what would their response have been?

"We would have asked if we could buy whatever it was he was smoking," exclaims Tyler.

Not that they didn't have their rough spots. The band's former drug problems, break-ups, and womanizing are well known, but somehow they've held it together.

Tyler offers the reason behind it. "We're the epitome of old school," he says.

Perry adds, "I've given it some thought. Either we're too stupid to break up or we never made enough money."

Tyler notes, "The truth of the matter is there's some real sweet emotion in there. It's got a life in and of itself, all by itself, and it's bigger than any one of us."

And the Aerosmith family is still expanding. Steven Tyler's daughter, Liv, is pregnant and due this winter.

"Lord have mercy," Steven Tyler says, "Does that mean I have to change my [black] toenail color?"

So what is the kid going to call him?

"I spoke to Liv about this for a while," Tyler says, "Is it going to be Gramps? Granddaddy? Granddad? Papa? Papa would be cool. That's what my father is."

The one thing he says he wants to impart to his grandchild is "that not getting what you want may be a great thing," Tyler says.

Perry notes, "The grandfathers that we are - I've been a grandfather almost two years and I don't look anything like the grandfather I remember, much less feel like or act like a grandfather. I think that's something, as far as role models for our kids and grandkids, that's going to be a big one."

What grandfathers do you know who jam together like they do? They wouldn't have it any other way.

Tyler says, "To go out there live and play, it's in the moment, always different. Can't even put money on it. It's just so wonderful."

Since they've done so many amazing things, from winning Grammys to playing the Super Bowl, Smith asked the band if there's anything they'd like to do that they haven't yet, and Perry said he'd finally like to meet his idol, Bob Dylan.