Using the UbiArt Framework engine from Rayman Origins, Ubisoft has announced Child of Light from Far Cry 3 creative director Patrick Plourde. It's a side-scrolling "fairytale game" that's due out this holiday.
It embodies the "Squaresoft spirit" of PSOne era JRPGs Final Fantasy VIII and Vagrant Story, describes the publisher. Plourde created Child of Light as a "counter-point" to Far Cry.
He cites numerous inspirations for the side-scroller, like early Disney film illustrations and children's books. Plourde sees it as a "playable poem" crossing Limbo with FFVI.
While no platforms have been announced, the creative director remarked it's a "potential next-gen IP". Whatever the platform(s) it launches, it will be out digitally Winter 2013. capture some footage.