You heard right. Treasure have combined forces with Hori to make an arcade stick specifically designed (but perhaps not exclusively) for the upcoming release of Radiant Silvergun on XBLA.
Not only is this good news unto itself, but it also signals that Radiant Silvergun may not be too far away. All we've got so far is a TBA 2011, but considering they've already announced (and possibly released) this totally awesome bit of gear, the game itself could only be a few months away. Personally I'm hoping for the first half of 2011.
Oh, and pics
EDIT: All images sourced from the Hori website, linked to directly from the Treasure homepage