According to GamesThirst (linked above), the September Issue of PlayStation: The Official Magazine (PTOM, formerly known as PSM - PlayStation Magazine) has a few new details about Team ICO's newest game, The Last Guardian for PS3.
To quote: "The game being the third from Team ICO, will center on the evolving relationship between a boy and his large mythical creature, (we already knew that), that creature is called "Trico" in the Japanese version.
At first the creature will be hostile towards the boy, but as the boy cares for the creature, cleaning it, playing with it and feeding it, that relationship, or bond will grow.
Overtime, the boy will use the creature to solve platforming puzzles, but the creature is alive and acts naturally, as if it were a real animal. Persuading it to do what you need will take patience and guile, not force."
That being said, The Last Guardian is looking to be another graphical masterpiece from the creators of Ico and Shadow of the Colossus.
For those wondering, The Last Guardian has no official release date yet but is likely to be released in 2010.
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