I'll get this up on the site, but I thought I would put it here first.
The new game is called Wanda and the Colossus and was indeed one of the 2 games that Sony Japan was counting down to announcing. There is so far one shot out there that can be found where the story originated from: 1Up
(the picture is here
All I can say is "Woohoo!" I still think of Ico as one of the best games ever made from the perspective of art and immersiveness. It may have been short, but it was a revolutionary game that it seems few people played.
The game will be out in 2005 and will be shown at the Tokyo Game Show. There will be a more expansive website debuting on September 24th.
The other game announced was Genji, the game created by Yoshiki Okamoto, formerly of Capcom.