During the Microsoft press conference the new game by Yukio Futatsugi (Director of Panzer Dragoon) was shown in a brief trailer that incidentally failed to deliver any sound among laughing and booing from the audience.

The game is titled Crimson Dragon and looks a whole lot like its predecessor. You can see a few screncaps from the trailer in the gallery below.

Update: you can now also enjoy the trailer itself, with audio!

http://www.youtube.com/embed/9_GDszac6X0