The producer behind Onimusha and Dead Rising is back making full length games, as we reported earlier today, in collaboration with Marvelous AQL. The game in question, which we previously titled Kai-oh, has been given a full name - KAIO: King of Pirates, along with an official site, replete with screenshots and an announcement trailer.
King of Pirates is purported to be an action RPG, following stories of the Sangokushi (Romance of the Three Kingdoms) era, involving piratical penguins. Inafune explains further in a statement on the official site for the game.
Intercept and Marvelous AQL have released a whole bunch of concept images as well as two trailers (see below), one with English subtitles. The game is slated for a 2012 release and there are no plans as yet for release outside of Japan as of this moment, but it is most curious that effort has been put in to have both Japanese and English versions of the site and trailer available.