The careers page at Square Enix's North American Web page let slip that they're working on an action-oriented original IP.
Square Enix is needing programmers for this new game, so they have to let them know where they're going to be working. The listing for "Senior Software Engineer" says that they are "building a studio from the ground up" in "sunny Los Angeles."
By the looks of the job requirements, this is probably going to be an Xbox 360 title.
So, yay! New action IP from Square Enix. Their westward expansion continues.
Heads up for those that live around El Segundo, California. Square Enix is also hiring regular ol' QA people as well as specialized ones that can translate from Japanese to English and have a knowledge of Japanese/American pop culture. Does that sound like something you could do?