I was just thinking of you yesterday and wondering if your company ever made good.

Definitely a mixed bag, here. It's nice they are giving your more responsibility... but it also sounds like they are doing the same thing they did before, giving you two jobs to do at once in the same amount of time. And the AVP doesn't really hide how she feels, does she?

Re: authority and delegation. Absolutely do not do the work yourself, even when you are tempted to because it is easier! I have huge struggles with this and know that I shoot myself in the foot by taking on too much and then being too busy or too stressed to tackle the really strategic projects.

What exactly do they want you to do on this project? I mean, what actual concrete tasks are involved? How are they measuring your success in this role?