IGN gets an interview with Codemasters to talk a bit about their next-gen rally game. Most of the discussion is about the Neon Engine, a brand new tool developped by Codemasters and Sony.
Funny detail : when codemasters asked about using this tool for multiplatform games, sony said "it's ok, go on guys"
The screenshots are really impressive and Motorstorm may look a bit owned. That said, those 2 games should have completely different gameplays and philosophies, so there may be way enough room for both.