Big Huge Games could be saved from the swinging axe, according to a report from Kotaku, which also details two games the company was in the middle of developing: God: The Game and Ascendant. God: The Game was planned for Wii, with obvious inspiration from games such as Animal Crossing and The Legend of Zelda, and seems to have been early in development based on the game art available.
The other title, Ascendant, was destined for Xbox 360, PS3, and PC, and is (was?) an action RPG set in a fantasy world. A brief trailer for the game confirms that Ken Rolston, lead designer for Oblivion, was involved. Based on that trailer and some in-game shots, we'd say Big Huge Games was on the verge of living up to its name.
There could still be hope for these games, though. Unnamed sources claim that several buyers are checking out the developer, including Curt Schilling's 38 Studios. Hopefully, Big Huge Games can be big huge saved.