I haven't seen any news on this until I started reading it in OXM. There are some videos at the ign site above, and they look pretty sweet.
I don't know if any of you ever played the fireworks launch title for the PS2 called "Fantavision" or the Eye Toy: Play fireworks mini-game, but I really enjoyed them both.
I think I may have my next favorite XBLA game to look forward to. I am all about the rhythm games - Rez, Amplitude, Britney's Dance Beat (LOL, yes even this one), Space Channel 5, Lumines, etc.
Here's to hoping they do well with this game!