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If it's true, I'll be incredibly pleased. I can't help but feel it's an early 2011 title though, and murmurings on gaf imply that as well.

But if it is dropping this year, it explains why they didn't wait until E3 to unveil it. It also would run into numerous other first party titles early next year, like Killzone 3 and Resistance 3 (though they'd have more trouble with each other than going up against a totally different game like LBP).