The irony in a game called Time Traveller being anounced for hardware that's not out yet is classic.

It's gonna be on da Wii eich Di :D

Official Site: http://www.level5.co.jp/products/timetravelers/index.html
As far as I know, this is Akihiro Hino (L5 president/producer etc) and Ishii Jirou collaboration.
Ishii Jirou is the guy who made the perfect score 40/40 game 428 fuusa sareta Shibuya de, the producer of NDS game "kyokugen dasshutsu 9 jikan 9 nin 9 no tobira (極限脱出 9時間9人9の扉) when he was with Chun soft. he quit Chun soft and joined Level 5, hoping this time his game could sell a lot better than 428.
Looking at the game he made, most of them don't get release outside Japan. So maybe him working with Akihiro Hino will finally make his game more popular and will get worldwide release. As for the console, in the interview Hino said that it's for a console that is not out yet, but he plans the game to move to the other consoles too. Well console that is not out...must be 3DS right? unless Sony got PSP2 dev kit out now too lol....