Here's what I know about Lollipop Chainsaw at the moment: It's being made by the folks at Grasshopper Manufacture (Contact, Killer7, No More Heroes). It'll be published (in Japan) by Kadokawa Games. It'll be released for PS3 and Xbox 360. Oh, and it will star a chainsaw-wielding cheerleader and a whole lot of zombies.
A bunch of Lollipop Chainsaw screenshots hit the Internet this morning, with the one above being my favorite thanks to the fact that it shows the game's heroine, Juliet, carving up zombies with heart-shaped strokes of her hot-pink chainsaw. (I also like that it shows what appears to be a decapitated head dangling from her waistband.)