The story, a tale of the Prince's ally Elika and his foe the Hunter, began today and is slated to run until the game's release on December 2, with new pages added on Mondays and Fridays. Unlike most Penny Arcade works, the Prince of Persia storybook sports a unique visual style that's presumably a more accurate reflection of the game itself. How the story will unfold, on the other hand, is anyone's guess.
The Prince of Persia prequel is actually only the latest in a long line of strips and stories done by Penny Arcade for various games, including Dark Messiah of Might & Magic, Far Cry Instincts, Assassin's Creed, Rayman Raving Rabbids and many others. Prior to this, Penny Arcade did a 12-strip prequel for Fallout 3 based on Vault 77, populated by one man and a crate of puppets.
You can check out the new Prince of Persia Penny Arcade Storybook and follow the tale as it unfolds at Ubisoft's Prince of Persia website.