http://www.gamespot.com/news/2005/09/08/news_6132842.html
First up was the announcement that yes indeed, there is a next-generation Sonic game in the works. Billed as a "re-invention" of the classic franchise, Sonic the Hedgehog will make its debut on the PlayStation 3 and Xbox 360 sometime during 2006.
Presiding over the game's development will be none other than Yuji Naka, who, along with character designer Naoto Ohshima, created the original Sonic game for the Sega Genesis in 1991. According to Sega, Naka will "create the most intense sensation of speed ever experienced in videogames" with "an innovative combination of art, physics and game design."
"We are proud to re-create our famous friend, Sonic, for a new generation of gamers on PlayStation 3 and Xbox 360," said Naka. "With Sonic the Hedgehog, we have gone back to our starting point, more than 15-years ago, to reinvent the attitude and speed that made our hero a legend. The 'rebirth of Sonic' will offer an unparalleled sense of speed that is only possible using the processing power afforded by the new systems."