Elemental: War of Magic will have a companion novel. Elemental: Destiny's Embers is expected to release in August 2010 and is written by Stardock CEO Brad Wardell, who is also the game's creator and executive producer -- he's also apparently not using a ghost writer. Elemental, the game, currently has a Q3 release.
The book publishing deal is apparently part of Random House's new division to establish transmedia intellectual property. The group will handle collaboration and development across several mediums, offering "editorial services to media companies that will enhance the world-building and storylines of their already existing IP." So, it seems that Random House is offering to assist publishers in building words. "We create worlds." That's a good tagline -- wait, that may have been used.