Super Stardust HD developer, Housemarque, are working on an action platformer for PlayStation Network and Xbox Live Arcade, and it has a touch of Ikaruga.
Sidequest Studios and Eastasiasoft are taking a break from space shooters and heading to fantasy realms. Their next project is a strategy RPG called Rainbow Moon.
HandCircus, the makers of Rolando for iPhone, were at Sony's PlayStation Lounge at Game Developer's Conference showing off a PlayStation 3 puzzle game where you control a happy little cloud.
I got to play a bit of Dungeon Hunter: Alliance at Game Developer's Conference. You point the PlayStation Move where you want to go and hold the trigger to make your character (mine was a warrior) move.