From CinemaBlend:
Princesses Margaret and Elizabeth were icons for a certain generation of girls growing up before and after World War II, the two daughters of King George VI living the kind of palace life everyone envied. And though it's been a while since anyone referred to the two princesses as a unit-- Elizabeth went on to be Queen, of course, while Margaret died in 2002-- they're making something of a comeback these days. The two daughters play small but significant roles in The King's Speech, which focuses on their father, and now there's a new film in the works about what happened to them when they were freed from the confines of Buckingham Palace for one night as teenagers, on VE Day at the end of World War II.
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This is kind of cool since The King's Speech was just released and this plays into it somewhat.