I've been following this game for probably half a year now. The graphics actually look really good for cell shading and the gameplay is awesome. You have access to the celestial brush, which allows you to turn the world into a piece of paper, draw on it, and see the changes you've made. Draw a line through something, it gets cut in half. Draw a circle around a tree, it blossoms. I can't wait.
http://www.gamespot.com/ps2/adventure/okami/media.html