You've probably already heard it by now: Interplay was worried that some of their employees might not have enough time to spend with their families over the holidays and spontaneously decided to lay off a number of developers. Basically closing down Black Isle Studios and putting an end to the development of the game known under the working title 'Van Buren'. Also known as Fallout 3. Interplay is now focussing on the production of console hack'n slay titles such as Fallout: Brotherhood of Steel. Hurray.
That said, it's a sad day. Good luck to all ex-BIS-employees! Maybe we'll see some of them again at Obsidian Entertainment, a company founded by someone who left Black Isle a while ago: Feargus Urquhart. Well, I guess I'll dig out my copy of Planescape Torment again to take a look at what certainly is one of the best RPGs I've ever played. If you want to know more about Santaplay's 'early gift' and the game that could have been Fallout 3, head over to No Mutants Allowed. There's also a forum thread on the topic.