Here's the crux - we know there was a Wipeout game in development at Sony Studio Liverpool. Sadly, Studio Liverpool, whilst remaining a functioning studio, has been severely hit by layoffs. Thus, whether or not that project still exists is unknown.

The news comes via the LinkedIn profile of a former employee, Martin Linklater. Sadly the profile has since been updated, but Siliconera caught onto the scoop that listed both an unannounced PS3 Wipeout title and a Playstation Move "action" game.
[quote]
Unannounced Action Project (PS3+???) – Technical Director. Responsible for technical strategy, code evaluation, code architecture, build system, programmer recruitment, appraisals and training. Part of the ‘Product Owner Group’ responsible for setting deliverables and monitoring progress. Worked with new, un- announced hardware. Project halted due to region-wide restructure.</blockquote>

Whether or not we'll ever see these products reach the light of day or not, we'll have to wait and see. We hope Sony Studio Liverpool lives on in some capacity. The team has an excellent heritage, so it would be lovely to see a new product from those guys in the future. Obviously, we want the Wipeout game.