Jaffe's blog indicates that his latest project, which he himself confirmed to be a Twisted Metal Project for the PS3, and was later re-confirmed in a cryptic message in their first project 'Twisted Metal: Head On' for the PS2, is supposedly in "the crunch" for a "Sony Dog and Pony" showing next week. That just so happens to coincide with the Leipzig Games Convention.
Jaffe writes, "I figured I'd share a bit of what's up with the work on my end. Out in Utah I know the team is scrambling to get a nice, sexy build of the game going for a Sony Dog and Pony next week. While I am sure I would drive some of them crazy if I was out there everyday- and the very successful, very functional alliance we've forged over the last 12 years would prob. not work with daily,real life connection- it's times like these I WISH I was out there, so I could help with the crunch. Ah well, I can always hop a flight :)"
Of course this is still a rumor and it could be an internal presentation rather than a public one, but the choice of words here leads me to speculate that we may see our first glimpse of Twisted Metal very, very soon.