Fantastic news, and looking forward to seeing what they produce. A shame that their first game is going to be for smartphones and tablets, though that is the easiest way to get the company off of the ground.
As much as I love WipEout, the studio developed and published so many different great games when they were Psygnosis. Being absorbed by Sony and renamed as Studio Liverpool seemed to result in them having to pump out WipEout and F1 games. Hopefully they'll have a bit more creative freedom now.
I wouldn't complain if a WipEout-alike did appear, mind.
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