So a bunch of guys who used to be at Rare and a few others (Grant Kirkhope and artist Steven Hurst) have formed a small team, they hope to create the spiritual successor to Banjo-Tooie. Banjo-Kazooie Nuts and Bolts was a fantastic game, but many people didn't like the direction it took, so these guys hope to make the next one of those. They have set up a Twitter account for you to give your support, they have given no word about anything not even console. But I assume it will be a 360 Exclusive.
I wish them the best of luck.