The EA developed snowboarding franchise was a huge hit on the PlayStation 2, and it's almost bizarre that it hasn't made the jump to PlayStation 3 yet. We can only assume EA wants to make sure the game's done properly.
According to Kotaku, a new SSX does exist and has been in development for two years at EA Canada. Apparently the game will bring the franchise "back to its roots", and is being worked on by a bunch of former Skate developers. Naturally the game will implement EA's "trademark" flick-stick controls.