Lost and Found: What ever happened to Fifth Phantom Saga?

When the Playstation 3 was first shown at E3 ’05 Sega had a short clip of Fifth Phantom Saga, an original title with a floating alien. Sonic Team is leading the development of this project, which looks like a twist on the first person shooter genre. Specifically Sega announced the genre as “to be revealed”, but it is easy to speculate that it is a FPS from the screen shots and Fifth Phantom Saga’s initials. Ever since the first announcement Sega hasn’t said a word about the game’s development. If it still is in the works Fifth Phantom Saga could potentially use the Sixaxis motion detecting ability to control how your alien flies while the analog sticks can be used to aim. Hopefully Sega didn’t drop this project in favor of a Shadow the Hedgehog flight sim.