"They are working on a title. I started the ICO project. Ueda-san joined my team in Japan as a cinematic animator, but he created a short movie and presented it to me and said, "I want to make this game."
I said, "Yes, let's do it, but you have never made a game. We have to have experienced people do it," so it took a while, recruiting one person at a time. And because Fumito Ueda doesn't compromise, we had to move the development from PSone to PlayStation 2. Then I couldn't complete the game because I moved to the United States.
It took four years and the second game took four years too. So I started calling them the 'Olympic Team.' They haven't released a PS3 title yet - of course not - they'll take four years! But they have something really, really good on the way."
This might not be actual news, or even an update about the new game or the team but it's good to know that executives still remember about them.
Roll on TGS. :D