The game stars Quico, a young boy living in a favela with a giant pink monster for a best friend. The only problem is the monster has a taste for frogs and whenever he (she? it?) eats one, a change occurs. Quico's also got a super high-tech robot for some reason. Frankly, if we were Quico, we'd sell the bot and move the hell out, but that's just us.
Papo & Yo will be exclusive to PSN through Sony's budget-matching Pub Fund and has a 2012 launch timeframe tentatively penciled in. Papo & Yo will make an appearance at E3, so we'll get our hands on it then. In the time being, hit the jump for a teaser trailer.