Square Enix is working on a new action title, and may even end up being their first release for the system. Finally. PlayStation: The Official Magazine has all of the info on the upcoming title in their next issue.
It looks like this action title may be known as Vanguard Storm. You can thank the U.S. Patent and Trademark Office for letting this one slip. If this title does truly release on the PS3 this year, expect to see a lot of happy PS3 owners.