"We are actually working on two-player splitscreen," Takeuchi told Joystiq at GamesCom. "It's not easy, but if we are confident that we can do it, we'll let you know." When asked if the Lost Planet 2 solution would be similar to the staggered picture-in-picture-style display in Resident Evil 5, Takeuchi said that the issue wasn't so much the aspect ratio of split screens, but rather hardware. "Technically, cycling between two split screens, you can actually say it took visual RAM," he said. "You still have to work with two sets of AI and physics and so forth at the same time."
So, while Takeuchi "can't guarantee yet" the existence of splitscreen in the final game, don't lose hope. Or any planets -- we've lost enough of those already.