Obsidian's got Alpha Protocol and the next Fallout game, New Vegas, in the pipeline, so they ought to be fine as a studio for the moment, at least. But I was really looking forward to seeing a style of game set in the Aliens universe other than a first-person shooter. Sad news indeed.
Gearbox's shooter Aliens: Colonial Marines was recently confirmed to still be in production. We hit up Sega for comment on this development, so stay tuned. (NOTE: Our headline originally referred to the game as "canceled," though Obsidian's post doesn't actually address the general status of the project.)
UPDATE: OK, the game is in fact fully dead. Sega just issued the following statement.
At this point, SEGA has no plans to move forward with the Aliens RPG. The Aliens franchise offers us so much content to choose from that we feel it important to take a step back and carefully consider the type of game we want to release. We plan to continue working with the Aliens franchise and ask fans to be patient and stay tuned for more information about what SEGA has coming out for the Aliens series of games, starting with the upcoming Alien vs. Predator game. We are very excited about and focused on Alien vs. Predator, which promises gamers a fantastic single player game and an equally compelling multiplayer experience. We are confident that it provides all the excitement and fun that the Aliens and Predator fans are looking for!