"visualizer for PlayStation 3" that will debut to all at this year's Tokyo Game Show.
Right now they're on a "filming location hunt" for the reveal film. PixelJunk Shooter 2 releases this year, and Racers: Hot Lap just hit PSN.
This PixelJunk Lifelike seems to involve a series of photos that help visualise something. We'll find out more about this project once TGS gets here.