This is releasing on August 15th on XBLA as part of the annual Summer of Arcade promotion for 1200 MS Points ($15). It is a sidescrolling action RPG with an absolutely gorgeous hand drawn (looks it, anyway) visual style.
It's been in development for quite a while, because until December 2011 the entire game (aside from the music) was handled by one guy, Dean Dodrill. The game won the XNA Dream-Build-Play competition in 2009.
It's not easy for me to get excited about 2D side scrollers with artstyles because we've seen so many, but this looks like it could be something really special.
Here's the XBLA announcement trailer from earlier this year:
And here's a fifty-minute stream of the game being played.
As with all Summer of Arcade games, there will be a period of exclusivity. It has not yet been announced for any other platforms.
A couple reviews have been trickling in, and the response is very positive so far. Aggregate score is at 88/100 after five.