From what we understood at the time, the studio had essentially been cut in half, with several projects cancelled. We never really got any more details regarding the state of Studio Liverpool, but we weren't expecting anything new from the team for a long time.
An eagle-eyed user at TheSixthAxis has brought hope, however. PlayStation Jobs is listing a position within the company for a Senior Games Designer. The listing asks for "encyclopaedic knowledge of games, especially 3rd / 1st person action". There's not a new Wipeout game on the cards then?
Disappointing, but the belief that Studio Liverpool are doing anything at all is extremely reassuring. We would like that full retail Wipeout game one day though, Sony. Please make it happen.