NewFX Games just announced their upcoming title Mad Wheels, published by Chillingo. Details are a little vague right now, but the game basically seems like a top-down racing-centric version of the classic game Twisted Metal for various Sony consoles. What we do know is there will be multiple cars, each with their own super power, and tracks will have various power-ups that can be used. There will be 5 distinct environments, online leaderboards, and WiFi multiplayer.
Take a look at the trailer:
The developers have yet to discuss release dates, but they've mentioned the current state of the game:
At this moment in time the core game engine is almost complete, but there is still a lot of work left. We're experimenting with some features, polishing the gameplay and doing our best to make sure you will get the most of your playing experience!
I can't wait to give it a try, whenever it's released. In the meantime, the best place to find information on the state of this game seems to be on our forums where the developers are actively posting.