The rumors were partially true: Project Sylpheed is coming to the US this summer for the budget price (by new-gen standards) of $39.99.
Unlike the GameStop page that propagated the rumors, Microsoft is not publishing the game (nor did it develop the game, as the listing stated); instead, Square Enix will publish the game as it did in Japan. [Correction: Microsoft is publishing both titles in the U.S.]
Project Sylpheed is a 3-D makeover of the Sega CD shooter Silpheed, which already has a 2001 sequel, Silpheed: The Lost Planet; all three titles were developed by Game Arts.
Also announced today was Vampire Rain, a shooter that pits you against vampires. It boasts all the best keywords in the shooting genre today: stealth, squad-based action and high-tech weaponry. No word on if it includes garlic launchers or the ability to become a bloodsucker yourself. The game will arrive with the standard $59.99 price tag.
Vampire Rain and Project Sylpheed are both slated for a Summer 2007 release.