Do you even remember this title? I sure don't.
Seven years after its first announcement, Tecmo Koei has had a major development breakthrough for PlayStation 3's Ni-Oh. In an interview in Famitsu this week, CEO Yoichi Erikawa said that the game's alpha version has finally completed development. Development is making steady progress, he assured.
Ni-Oh was first announced by then Koei at E3 2005 with a release time frame planned for Summer 2006. The game's development is now being handled by Team Ninja.
http://andriasang.com/con261/ni_oh_alpha/
Here's the last trailer I found, from TGS 2006.
And most interesting of all, the Unseen64 listing - with it being cancelled!
http://www.unseen64.net/2008/09/15/ni-oh-ps3-cancelled/
"Ni-Oh, a buddhist term for a deva king, is a cancelled game from Koei that was meant to be released for the PlayStation 3 in 2007. The game was set in a warring state era of feuding war lords. The main character was Ni-Oh, a blonde-haired military commander, son of a foreign woman and a Japanese man, that casts himself into a fierce battle to carve destiny. Probably early in the development, Koei have decided to cancel Ni-Oh to concentrate on other projects."