Ubisoft has released a press release officially confirming the existence of this Revolution FPS.

Revealed to the world within the pages of the latest of Game Informer magazine, Ubisoft's groundbreaking FPS for Nintendo's Revolution console has now recieved an official announcement via a press release earlier today. Taken verbatim from Ubisoft's press release page:

Today Ubisoft, one of the world's largest video game publishers, announced the development of Red Steel�, an exclusive first-person action title for the Nintendo Revolution (working name of the new Nintendo platform). Red Steel is set in modern-day Japan. Players will master both the ancient art of the katana and the sophisticated technology of modern firearms taking advantage of the emotion and immersive gameplay possible only with the Revolution's remarkable controller.

"We're honored to announce this exciting new franchise and we're confident that Red Steel will be the must-have title for the Revolution when it launches," said Serge Hascoet, chief creative officer at Ubisoft. "We have been working closely with Nintendo to take full advantage of the innovative controller to create a thrilling experience that can only exist on the Revolution."

Red Steel will make its worldwide debut in May 2006 at E3 in Los Angeles. With the style and flair of a contemporary action movie, Red Steel will appeal to gamers who thirst for a new video game experience, as well as those who may have not previously considered picking up a controller.

"Nintendo is excited to have Ubisoft bring Red Steel to the Revolution launch lineup," said Reggie Fils-Aime, executive vice president of sales and marketing at Nintendo of America. "Ubisoft makes some of the most innovative and critically acclaimed games in the industry and from what we have seen from Red Steel it is going to be a standout exclusive title on the Revolution."

Ubisoft has a strong history of creating some of the industry's top-selling video game franchises. To date, the Tom Clancy's Splinter Cell� and Rayman� franchises have each sold more than 15 million units worldwide and the Prince of Persia� franchise alone has sold more than eight million units worldwide. The Red Steel brand will reflect this expertise and build upon Ubisoft's past to invigorate the future experience allowed within the Revolution platform.

Ubisoft will disclose more specific information on Red Steel in the coming months and Nintendo will reveal more information about the Revolution and its unique controller at E3.

Update:
Ubisoft have set up a small teaser site for Red Steel which can be found HERE. There isn't much on the site yet, when it first opens you'll see a gun and a katana (sword), click on one and you'll "control" it with your mouse. Click three times to shot or slash to reveal the Red Steel logo, that's about it. Hopefully it will start to fill with screen shots and videos come E3.

Two small things we can currently see on the site, is that the game is "Pending Rating" in the USA, and is already stamped with a "16+" rating for Europe.