PSU writes: "Haven't heard of the the elvish action-epic Elveon? It would be surprising, with the latest news coming straight from 2006. Additionally, this Unreal Engine 3 powered title was originally scheduled to release only on Xbox 360 and PC, leaving Sony's console in the dust.
Contrary to popular belief, Elveon hasn't been canned. You see, 10TACLE's stock value dropped from nearly 15€ to 2€, causing them to cut 25% of their work force. This staff slimming included 10TACLE Bratislava, the original Elveon development team. As a result, the project's reins have been handed to Climax, developer of such titles Silent Hill Origins and Viva Piñata for Windows.
On their official site's homepage, there is an image of Elveon with the header "New 360/PS3 Project."