Yes, you heard correctly. Some game studio called "IG Fun" has started development on this title. The video above isn't footage of the Bioshock game, but this other game they are working on called Re-Volt. I'm sure it will be a similar engine to the one used for the game, since the iPhone probably can't handle anything close to the complexity of the real Bioshock engine.
You can get the whole story here
and here's a quick taste:
The real questions are over controls (will the game be intuitive to play on a mobile keypad?) and on whether IG Fun can successfully translate the original's atmosphere to the small screen. It's way too early to tell that from this demo. But from what I could see, IG Fun is certainly pulling out all the stops. And the iPhone version could be even better.
What do you guys think? Will they totally ruin the Bioshock franchise with this game, or has the sequel already done enough?
via Pocket Gamer