It was announced a month or so ago, and the title was announced last week as Motorstorm Pacific Rift.

And now we have videos!

The game itself is in pre-alpha stages, and is about 40% complete, but it's already looking spectacular. Sure, a few textures are missing, and the water doesn't react like you think it would, but at 40% it's looking bloody good.

http://gamersyde.com/news_6430_en.html
http://gamersyde.com/news_6438_en.html
http://gamersyde.com/news_6449_en.html