Looking at a Next Generation Magazine at the grocery store, I saw it had a small bit on Tim Schafer's new company. His studio is Double Fine Productions and consists of six former LucasArts employees. Their goal is to release an adventure game for a console by 2002.
For news on the project as it comes, you can look at their
website. No Details are availible yet, but stay tuned. Also see the Adventuregamer story.
Source: Next Generation