We've seen hide nor hair of anything developed by Itagaki since he left Team Ninja in 2008, and according to the Prince of Videogame Darkness, we won't be seeing anything in the near future either. Not until 2013 at the latest, which is when Devil's Third is aiming to release.
The original plan was to have THQ publish the game by April of 2012, but the title is currently less than 30% complete, so that's simply not happening.
To be honest, Itagaki, if you spent less time swaggering around, being cool and having your leather jackets oiled down by busty Lebanese virgins, you'd be able to get games made quicker.
Devil's Third release date in early 2013 [Videogamer]