EA just announced an all-new IP for the Xbox 360 and PS3 to be released in 2008. From their press release:

Electronic Arts announced that the award-winning EA Redwood Shores Studio has been developing an original intellectual property that will introduce a new experience to the sci-fi horror genre. In the brilliant, bold and often-bloody Dead Space™ gamers will step into a third-person sci-fi survival horror experience that promises to deliver the ultimate in psychological thrills and gruesome action.

Set in the cold blackness of deep space, the atmosphere is soaked with a feeling of tension, dread and sheer terror. In Dead Space, players step into the role of engineer Isaac Clarke – an ordinary man on a seemingly routine mission to fix the communications systems aboard a deep space mining ship. It is not long before Isaac awakes to a living nightmare when he learns that the ship’s crew has been ravaged by a vicious alien infestation. He must fight through the dead silence and darkness of deep space to stay alive.

Sounds pretty cool, it's also a bit unlike EA to be embracing something like this - even their Medal of Honor series has steered clear of blood all this time (though the new one does get away with a little, but I digress). Stay tuned for more as we have it, but so far no screens or videos have been released.