Mistwalker was founded by the so-called "Father of Final Fantasy" Hironobu Sakaguchi in 2004 after leaving SquareSoft. Since then the company signed an exclusive 3 game deal with Microsoft. Two of those games, Lost Odyssey and Blue Dragon, were published by Microsoft and released for the 360 in 2006 and 2007. The third game in the deal, Cry On, was canned because of the "uncertainty of the property's franchise potential as well as current global economic conditions."
In the meantime Mistwalker has gone on to develop 4 games for the NDS and is now working on a new Wii exclusive rpg called "The Last Story" which is being published by Nintendo.
Surely the next inevitable platform to work on is Sony's PSP or PS3, right? Maybe not.