Kotaku, on Feb 18th, wrote:Masahiro Sakurai, creator of Nintendo character Kirby and designer of Super Smash Bros. Brawl, is creating a new title for Nintendo the company announced today.
On January 22 of this year, Sakurai's company Sora Ltd., a first party Nintendo developer, created a new company with Nintendo called Project Sora. Sakurai is serving as director for this new project.
Nintendo is the principal investor, owning up to 72 percent of the company.
About this project the new company is working on, Satoru Iwata assured that it's not another Smash Bros. game, saying, "It's not Smash Bros. I asked for." Sakurai added, "i can promise an experience that's different from anything [you've played] up until now."
Project Sora currently has 30 employees and is currently looking for "talented individuals."
GoNintendo, also on Feb 18th, wrote:You guys should find these bits of translation very interesting. These snippets come from the Iwata Asks interview which focuses on Project Sora…
“The thoughts of game designer Masahiro Sakurai and Nintendo have become one, and a new project has started. In order to expand what can be offered to the world through games, we will have Nintendo’s full cooperation and make something that Nintendo could not do on its own.” - Iwata
“A new experiment, both for Mr. Sakurai and for Nintendo. We’ve started a special project. We’re not sure how it will sell or if it will be accepted. Our goal is not just to make a single game. We can promise that you’ll be able to experience something different.” - Sakurai
“From our perspective, it’s not something that overlaps oddly with something that would come from Nintendo or those close to Nintendo. It’s something that can be made because Nintendo is backing you up, but is also something that Nintendo could not make.” - Iwata
“If one were simply considering effective use of funding, we’d have went with a plan similar to Touch Generations. But that’s not I wanted. We want to make something that will be wanted even by the more hardcore game players, and something that offers new ideas.” - Iwata
A part near the end of the interview seems to hint at a 2011 release, but we have no idea what platform it will be on.