The rumors were true, action/adventure platformer Flashback is being re-imagine-eered by a team if the original game's core developers. Instead of painfully difficult 2D platforming, exploration and nonsensical plotlines with highly stylized graphics, we get a heavily cinematic 2D platformer with, err... Nathan Drake? Oh, his name's Conrad. My bad. Flashback is planned for release on XBLA and PSN, but doens't have a release window yet.
Between the initial rumor and today's official announcement Flashback has been picked up by publisher Ubisoft. That usually means the team was worried about cashflow and leaked some details about their game in the hops of hooking some publisher moneys. Good for VectorCell, as it'd be unfortunate if Conrad's adventure to save his girlfriend didn't get made.
Check out the announcement trailer, which captures the heart of Flashback's memory-loss focused story, below along with a couple of decent looking pieces of concept art. Sorry for the odd Youtube source, we missed out on the announcement press release somehow.