Let's take a gander this first tidbit of concept art from Square Enix's upcoming Unreal Engine 3-based Action RPG.
That last sentence pretty much summarizes all we know about the new IP right now. The concept art on the right, which is awfully lacking in belts and zippers come to think of it, was taken from a recruitment website currently seeking applicants with experience working on PS3 and Xbox 360 games.
The folks over at Joystiq reckon the image bears a striking resemblance to Chakan: The Forever Man, a hard-as-nails platformer released on the genesis back in '92, based on the comic of the same name. I think it's either a game about sword-stealing owls, or a really dark take on the Harry Potter franchise.
We'll keep you updated as we learn more.