Yeah, you can be sure someone (likely Factor 5) was working on it at some point. But after that whole studio kinda probably shutting down thing, it might well have been cancelled.
I personally think it's still is in development and will be shown at E3 (that or Pilotwings). Either way, if we don't hear about it at E3, then it would be cancelled for sure.
# of games above 75 on Metacritic (including downloadable):
360: 241 DS: 144
PS3: 152 PSP: 126
Wii: 85







