They are rumoured to be working on a multiplat title for the 360 and PS3. It's most likely going to be a brand new ip: LINK
"The company, best known for the Ratchet & Clank and Resistance franchises, is allegedly creating cross-platform software for both PS3 and Xbox 360, according to a trusted source who spoke with IGN under the condition of anonymity.
Insomniac Games has enjoyed a long and fruitful relationship with Sony, but remains an independent studio, which affords it the right to create games for any platform should it choose. The company is based in Burbank, California. Earlier this year, Insomniac Games expanded its resources when it opened a new studio in North Carolina."
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