They're making a new, revamped Lair, and this time it'll be awesome.
They mentioned hints that seem to indicate that they were apparently retooling the Lair engine because the new engine "was able to do things we didn't or couldn't do on the PS3 [in Lair]."
If the release date for their game is "sometime 2008," I'd be willing to be that is just a retooled Lair. If it's a new game, it'd have to be coming in an roughly the 2nd quarter of 2009 at the soonest.
That, or it's a new Turrican game...







