Well guess what? It's not a one-off title. It's pitched as a trilogy, with THQ holding the rights for all three games. Of course, subsequent editions will depend on the success of the first.
"With this new series of video games, I want to take players to a place they have never seen before, where every single action makes them question their own senses of morality and reality," said del Toro himself. "THQ and Volition, Inc. are equally excited to make this vision of a completely new game universe into a reality."
Interestingly, while THQ will retain the intellectual property rights for the inSane games, del Toro himself holds the rights to any "filmed entertainment" projects. Sounds like they're thinking big with this IP. We'll have to wait until 2013 before we know if it delivers.