The project has been in Turbine's production house for a year and a half now, and the staff is actively seeking to launch the title on Xbox 360 and PS3 consoles. Turbine does also have plans to develop for Wii in the future, although they did not go any further into that topic. Over 20 million dollars has been spent on developing the platform for this title. The targeted release date for this project is early 2011.
Craig also said during the speech that he believes that consoles will eventually pass PCs in the MMO market, making this a lucrative endeavor. He also hinted briefly at a free to play subscription model, saying that MMOs should have "minimum friction to access."
Turbine has said in the past that they will completely confirm their console MMO plans in early 2010, but speculation is still in the air as to if this is a brand new IP,
We'll keep this post updated with new information as we receive it.