Ubisoft announced some details of the new Prince of Persia. It's scheduled for release for the holidays 2008 for the PS3 and 360.
It is being developed by Ubisoft's award-winning Montreal studio, the people who brought you Assassin's Creed. They'll be working with and the same team that created the Prince of Persia Sands of Time trilogy
"Prince of Persia is opening a new chapter in the Prince of Persia universe, featuring a new breed of gameplay. The game is poised to rejuvenate the action-adventure genre in addition to introducing a brand-new illustrative art style. Ubisoft will also release a Prince of Persia game specifically designed for the Nintendo DS(TM) system, featuring an entirely new storyline and new characters. More details to be unveiled in the future."
We'll let you know more when we know more.