Obsidian Entertainment is currently working on "an original IP XBLA game," which is being targeted for release in the first quarter of 2012. In a recent interview with Game Revolution, Obsidian CEO Feargus Urquhart mentioned, "It'll be an action RPG that's focused on fun -- not Dungeon Siege; it's quite a bit different in a different genre with a different camera."
"We also might throw our hat in the whole free-to-play thing," Urquhart added, before passively referencing another game -- based on a "licensed product" -- he'd be "killed" if he talked about in detail. In our own recent interview with him, Urquhart similarly hinted at a "once in a lifetime" licensed game that is "something we've been working on since the middle of last year; just with a small team -- it's only been five or ten people." This could be that Wheel of Time project, or something separate -- "I'm hoping that'll be announced around E3," Urquhart told GR of the mystery project.
The studio has also pitched an Icewind Dale reboot to Atari, in addition to shopping around general pitches for a game based on "a new world" and a sort of "what if" Sauron won scenario for a Lord of the Rings title dubbed "Defiance." But first! Obsidian has to wrap up Dungeon Siege 3. Talk about keeping busy.