Tomonobu Itagaki won't be taking Devil's Third to E3 this year.
Devil's Third, the third person shooter in development over at Tomonobu Itagaki's Valhalla Game Studios, is still in production, according to former Ninja Gaiden developer Itagaki. He still doesn't have a confirmed publisher yet but, said Itagaki to Famitsu, the dearth of news about the title since its announcement way back when is all part of his strategy. "It's like we're continuing to go along under the surface," says he, "waiting for the right timing to launch our missiles."
Those missiles won't be launched at E3, Itagaki confirms. The timing just isn't right. But this game is important to Itagaki; "[it's] part of the reason I went independent, after all," he told Famitsu. No news on gameplay yet, except that he's building it up "Itagaki-style" and really hopes it will surprise people. This is the title that got caught up in the the THQ debacle, which saw it lose a publisher. At the time, THQ claimed that Devil's Third just didn't seem profitable enough for THQ to back it, and since then THQ itself has dissolved.
Best of luck to Valhalla Game Studios; hopefully its Devil's Third won't have to wait till Ragnarok for a release.